15 May 2012
Accumulated profits mean the profits which have been accumulated from past years i.e., Net total of all the profits earned by a company in the past.
Past profits again mean the profits earned in the past years.
Arrears of dep mean that Depreciation has not been provided for in the profit and loss account which has to be done mandatorily. It is calculated by taking depreciation rates as per company's act and as per income tax act as per the requirement.
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