TMI BlogComputation of book profit.X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 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 account for the financial year prepared in accordance with the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited to the profit and loss account (excluding the depreciation on account of revaluation of assets); (b) the amount withdrawn from the revaluation reserve and credited to the profit and loss account, to the extent it does not exceed the amount of depreciation on account of revaluation of assets referred to in clause (a); (c) the amount withdrawn from any reserve or provision if any such amount is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss account; D = the amount of loss brought forward. (3) In sub-section (2), the loss brought forward shall be— (i) nil, if such loss brought forward (excluding depreciation) or unabsorbed depreciation as per books of account, as the case may be is nil; or (ii) the amount of loss brought forward (excluding depreciation) or unabsorbed depreciation as per books of account, whichever is less, in any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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