https://www.taxtmi.com/acts?id=47259 Every company assessee must prepare its profit and loss account for the relevant previous year in accordance with Parts II and III of Schedule VI by virtue of new sub-section (1A) to section 115J. The Explanation is amended to refer to preparation under sub-section (1A), and clause (i) is substituted by a proviso-deemed effective from 1 April 1988-that amounts withdrawn from reserves or provisions shall not be reduced from book profit unless the book profit of the year was increased by those reserves or provisions under the Explanation. en-us Fri, 10 Jan 2025 12:08:29 +0530 Fri, 10 Jan 2025 12:08:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47259 Every company assessee must prepare its profit and loss account for the relevant previous year in accordance with Parts II and III of Schedule VI by virtue of new sub-section (1A) to section 115J. The Explanation is amended to refer to preparation under sub-section (1A), and clause (i) is substituted by a proviso-deemed effective from 1 April 1988-that amounts withdrawn from reserves or provisions shall not be reduced from book profit unless the book profit of the year was increased by those reserves or provisions under the Explanation. Act-Rules F. Acts / Amendment Acts Fri, 10 Jan 2025 12:08:29 +0530 https://www.taxtmi.com/acts?id=47259