Understanding Paid Holidays and Leave Policies
As per the SHOPS & ESTABLISHMENT Chapter on Leave with Pay and Payment of Wages, Section 35: Leave Section (4), every employee, irrespective of their period of employment, shall be entitled to an additional holiday on the 26th January, 1st May, 15th August, and 2nd October every year. For a holiday on these days, employees shall be paid wages at a rate equivalent to the daily average of their wages (excluding overtime) earned during the month in which such a compulsory holiday falls.
Provided that the employer may require any employee to work in the establishment on all or any of these days, subject to the condition that for such work, the employee shall be paid double the amount of the daily average wages and also leave on any other day in lieu of the compulsory holiday.
Hence, it is considered a Paid Holiday. The rest depends on your company's "Leave policy." If they are applying sandwich rules (Leave-Holiday-Leave) or (Holiday-Leave-Holiday), in that case, there may be a deduction of 5 Days. Else, only a 4 Days deduction applies.
I hope your doubts are clear. Feel free to write for any further information if required.
All the best.