Amendment of section 40.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... . of book-profit or in case of a loss the book-profit, whichever is more; (b) on the balance of the book-profit at the rate of 60 per cent.". - Clause 15 of the Bill seeks to amend sub-clause (v) of clause (b) of section 40 of the Income-tax Act, relating to amounts not deductible. The existing sub-clause (v) of the said clause, inter-alia, provides that in case of working partners, payment .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... (a) on the first ₹ 75,000 of the book-profit, or in case of a loss ₹ 50,000 or at the rate of 90 per cent. of the book-profit, whichever is more; (b) on the next ₹ 75,000 of the book-profit at the rate of 60 per cent.; (c) on the balance .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X