https://www.taxtmi.com/acts?id=3226 If a company's total income is less than thirty per cent of its book profit for the relevant previous year, its taxable total income is deemed to be thirty per cent of that book profit. The profit and loss account must be prepared under Parts II and III of Schedule VI to the Companies Act, 1956, with depreciation calculated on the same method and rates as in the financial statements. Book profit is the net profit per that account adjusted by specified additions (e.g., tax, reserves, provisions, dividends, exempt income related expenses) and reductions (e.g., withdrawals from reserves, certain credited incomes, limited set offs like losses or unabsorbed depreciation, and specified tax exempt profits). en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 19 Jun 2025 16:02:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3226 If a company's total income is less than thirty per cent of its book profit for the relevant previous year, its taxable total income is deemed to be thirty per cent of that book profit. The profit and loss account must be prepared under Parts II and III of Schedule VI to the Companies Act, 1956, with depreciation calculated on the same method and rates as in the financial statements. Book profit is the net profit per that account adjusted by specified additions (e.g., tax, reserves, provisions, dividends, exempt income related expenses) and reductions (e.g., withdrawals from reserves, certain credited incomes, limited set offs like losses or unabsorbed depreciation, and specified tax exempt profits). Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3226