Amendment of section 40.

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....per cent. of book-profit or in case of a loss the book-profit, whichever is more; (b) on the balance of the book-profit at the rate of 60 per cent.". - Clause 15 of the Bill seeks to amend sub-clause (v) of clause (b) of section 40 of the Income-tax Act, relating to amounts not deductible. The existing sub-clause (v) of the said clause, inter-alia, provides that in case of working partners,....

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....re; (b) on the next Rs. 75,000 of the book-profit at the rate of 60 per cent.; (c) on the balance of the book profit at the rate of 40 per cent.; It is proposed to revise the above limits and provide uniform limits for both professional firms and non-professional firms as under- (a) on the first Rs. 3,00,000 of the book-profit or in case of a loss Rs. 1,50,000 or at t....