Amendment status not verified — confirm the current text below against the official source.
Net Profit as per Profit and Loss Account. Add back provision for: (a) Bonus to employees. (b) Depreciation (c) Direct taxes, including the provision (if any) for previous accounting years. 3[(d)Development Rebate/Investment allowance/Development Allowance reserve. (d) Any other reserves. Total of Item No. 2 Add back also: (a) Bonus paid to employees in respect of previous accounting years. 4[(aa)The amount debited in respect of gratuity paid or payable to employees in excess of the aggregate of – (i) the amount , if any, paid to, or provided for payment to, an approved gratuity fund; and (ii) the amount actually paid to employees on their retirement or on termination of their employment for any reason]. (b) Donations in excess of the amount admissible for income- tax. (c) Any annuity due, or commuted value of any annuity paid, under the provisions of section 280D of the Income-tax during the accounting year. (d) Capital expenditure (other than capital expenditure on scientific research which is allowed as a deduction under any law for the time being in force relating to direct taxes) and capital losses (other than losses on sale of capital assets on which depreciation has been allowed for income-tax). (e) Losses of, or expenditure relating to, any business situated outside India. Total of Item No. 3 Rs. ----------------- Rs ----------------- Rs. Rs. See foot-note (1) See foot-note (1) See foot-note (1) See foot-note (1) 1 For the heading “THE SECOND SCHEDULE”, the heading ‘THE FIRST SCHEDULE” subs. by Act 23 of 1976, sec. 26 ( w.r.e.f 25.9.1976) and again the First Schedule renumbered as the Second Schedule by Act 66 of 1980, sec. 19 (w.r.e.f 21.8.1980) 2 For the sub-heading “[see Section 4(b)]”, the sub-heading “(See section 4)” subs by Act 23 of 1976, sec. 261 (w.r.e.f.25.9.1976) and again subs. by Act 66 of 1980, sec. 19 (w.r.e.f. 21.8.1980). 3 Subs. by Act 66 of 1980, sec. 19, for entry (d) (w.r.e.f. 21.8.1980). 4 Ins. by Act 23 pf 1976, sec. 26 (w.e.r.f 25.9.1975) 25 Item No. Particulars Amount of sub-items Amount of main items Remarks