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TMI BlogCalculation of profitsX X X X Extracts X X X X X X X X Extracts X X X X ..... section (3); and (b) the sums 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 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 Governme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing any such property or assets: Provided that where the amount for which any fixed asset is sold exceeds the written-down value thereof, 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; (e) any change in carrying amount of an asset or of a liability recognised in equity reserves including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf; (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and super-tax payable by the company under the Income-tax Act, 1961 (43 of 1961), or any other tax on the income of the company not falling under clauses (d) and (e) of sub-section (4); (b) 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); (c) loss of a capital nature including lo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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