Particulars* Amount Profits as per Profit & Loss Account XXX Credit to be provided for: Bounties and subsidies received from Government XXX Credit not to be provided for: Premium/ Profit on sale of shares Profits of Capital Nature – including profits on sale of undertakings Profits from sale of immovable property/ fixed assets – unless undertaken Permissible Deductions: Usual Working Charges- revenue expenditures, bonus or commission Abnormal or Special Tax Interest on debentures, loans or advances Compensations/ damages in virtue of legal liability, bad debts written off… (XXX) (XXX) (XXX) (XXX) Non- permissible deductions: Income tax paid under Income Tax Act, 1961 Loss of Capital Nature Compensations/ Damages paid voluntarily Profits as per Section 198 XXX
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