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of <h1>Section 349 of Companies Act, 1956: Guidelines for Calculating Net Profits, Including Deductions and Non-Deductible Items.</h1> Section 349 of the Companies Act, 1956 outlines the determination of net profits for a company in a financial year. It specifies that certain sums, such as government bounties and subsidies, should be credited, while others, like profits from share premiums and capital sales, should not. Deductions include usual working charges, directors' remuneration, certain taxes, interest on loans, and depreciation. Conversely, income tax, voluntary payments, and capital losses are not deductible. The section aims to provide a clear framework for calculating net profits by distinguishing between operational and capital income and expenses.
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