Book profit computation adjusts accounting profit for partner remuneration, tax provisions, reserves, exempt income, depreciation, and specified gains or losses.

Book profit for partner-remuneration purposes is net profit shown in the profit and loss account, computed under Chapter IV-D, increased by partner remuneration previously deducted. Under sections 115J and 115JB, accounting profit is adjusted through prescribed additions for tax provisions, reserves, unascertained liabilities, dividends, specified expenditure, depreciation, deferred tax and asset-value provisions, and through reductions for qualifying reserve withdrawals, exempt or specified income, depreciation excluding revaluation depreciation, permitted revaluation-reserve withdrawals, and specified brought-forward loss and unabsorbed depreciation.

---

---

---