"One-third of the distributable profits" should be read as "one-third of the net profits of the company".

"One-third of the distributable profits" should be read as "one-third of the net profits of the company". https://www.taxtmi.com/circulars?id=9062 Clarification that the phrase "one-third of the distributable profits" is to be read as "one-third of the net profits of the company" for purposes of income-tax treatment, correcting prior instruction wording and aligning profit-related calculations with the company's net profits. en-us Fri, 25 Feb 1977 00:00:00 +0530 Thu, 02 Jun 2011 12:23:00 +0530 TaxTMI RSS Generator "One-third of the distributable profits" should be read as "one-third of the net profits of the company". https://www.taxtmi.com/circulars?id=9062 Clarification that the phrase "one-third of the distributable profits" is to be read as "one-third of the net profits of the company" for purposes of income-tax treatment, correcting prior instruction wording and aligning profit-related calculations with the company's net profits. Circulars Income Tax Fri, 25 Feb 1977 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9062