TMI BlogCalculation of profitsX X X X Extracts X X X X X X X X Extracts X X X X ..... nstituted or authorised in this behalf, by any Government, unless and except in so far as the Central Government otherwise directs. (3) In making the computation aforesaid, credit shall not be given for the following sums, namely:- (a) profits, by way of premium on shares or debentures of the company, which are issued or sold by the company 1 [unless the company is an investment company as referred to in clause (a) of the Explanation to section 186]; (b) profits on sales by the company of forfeited shares; (c) profits of a capital nature including profits from the sale of the undertaking or any of the undertakings of the company or of any part thereof; (d) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in special circumstances and notified by the Central Government in this behalf; (f) interest on debentures issued by the company; (g) interest on mortgages executed by the company and on loans and advances secured by a charge on its fixed or floating assets; (h) interest on unsecured loans and advances; (i) expenses on repairs, whether to immovable or to movable property, provided the repairs are not of a capital nature; (j) outgoings inclusive of contributions made under section 181; (k) depreciation to the extent specified in section 123; (l) the excess of expenditure over income, which had arisen in computing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bility recognised in equity reserves including surplus in profit and loss account on measurement of the asset or the liability at fair value. ******************** Notes:- 1. Inserted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 12-09-2018 2. Inserted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 12-09-2018 3. Omitted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 12-09-2018, before it was read as, which begins at or after the commencement of this Act - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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