19 December 2011
Book Profit is defined in Section 115JB of the Income Tax Act 1961. An assesee has to pay tax under Book profit where income tax under normal provisions is less than 15% of its book profit, then the assesee has to tax on book profit. Book Profit means profit before tax plus & minus certain adjustments proposed in the said section. For further details refer section 115JB.
20 December 2011
Eight things to be added and eight things to be deducted from the net profit as appearing in the balance sheet prepared as per schedule VI, and here u gets the book profit.
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