TMI BlogComputation of book profit.X X X X Extracts X X X X X X X X Extracts X X X X ..... ch financial year and it shall be liable to income-tax on such total income at the rate specified in Paragraph A of the Second Schedule. (2) Subject to the provisions of this Chapter, the book profit referred to in sub-section (1) shall be computed in accordance with the formula— A+B-(C+D) Where A= the net profit, as shown in the profit and loss acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of any asset; (i) the amount of any expenditure referred to in clause (a) of sub-section (1) of section 18; C = the aggregate of the following amounts: (a) the amount of depreciation debited to the profit and loss account (excluding the depreciation on account of revaluation of assets); (b) the amount withdrawn from the revaluation reserve and credited to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es equal to or exceeds the accumulated losses; (e) the amount of any income referred to in section 10 read with the Sixth Schedule, if credited to the profit and loss account; (f) the amount of deferred tax, if any such amount is credited to the profit and loss account; D = the amount of loss brought forward. (3) In sub-section (2), the loss brought for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report in such form as may be prescribed from an accountant certifying that the book profit has been computed in accordance with the provisions of this section. (6) In this Chapter— (a) "normal income-tax" means the income-tax payable for a financial year by a company on its total income in accordance with the provisions other than the provisions of this Chapter; (b) " ..... X X X X Extracts X X X X X X X X Extracts X X X X
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