Book profit computation adjusts net profit for partner remuneration, taxes, reserves, exempt income, depreciation, and specified losses. Book profit for firms is net profit computed under Chapter IV-D and increased by partner remuneration previously deducted. Under section 115JB, book ... Summary
Book profit computation adjusts net profit for partner remuneration, taxes, reserves, exempt income, depreciation, and specified losses.
Book profit for firms is net profit computed under Chapter IV-D and increased by partner remuneration previously deducted. Under section 115JB, book profit begins with profit shown in the statement of profit and loss and is adjusted for income-tax, reserves, unascertained liabilities, dividends, exempt-income expenditure, depreciation, deferred tax, revaluation items, and specified business trust unit transactions. Reductions include qualifying reserve withdrawals, exempt income, depreciation excluding revaluation depreciation, relevant revaluation-reserve withdrawals, and specified brought-forward losses and unabsorbed depreciation.
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