Determination of net profits.

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..... specified in sub-section (4) shall be deducted, and those speci­fied in sub-section (5) shall not be deducted. (2) In making the computation aforesaid, credit shall be given for the following sums:___ bounties and subsidies received from any Government, or any public authority constituted or authorised in this behalf, by any Government, unless and except in so far as the Central Government o .....

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..... eeds the written-down value thereof referred to in section 350, credit shall be given for so much of the excess as is not higher than the difference between the original cost of that fixed asset and its written-down value.] (4) In making the computation aforesaid, the following sums shall be deducted:___ (a) all the usual working charges; (b) directors' remuneration; (c) bonus or commission .....

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..... outgoings inclusive of contributions made under clause (e) of sub-section (1) of section 293;] (k) depreciation to the extent specified in section 350; [5][(l) the excess of expenditure over income, which had arisen in computing the net profits in accordance with this section in any year which begins at or after the commencement of this Act, in so far as such excess has not been deducted in a .....

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..... ion (4); (c) any compensation, damages or payments made voluntarily, that is to say, otherwise than in virtue of a liability such as is referred to in clause (m) of sub-section (4); [10][(d) loss of a capital nature including loss on sale of the undertaking or any of the undertakings of the company or of any part thereof not including any excess referred to in the proviso to section 350 of the .....

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..... serted by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [8] Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. as provisions relating to managing agents, etc. had become redundant after abolition of system by Act 17 of 1969. [9] See now the Income-tax Act, 1961. (43 of 1961). [10] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, se .....

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