Determination of net profits.349. (1) In computing [***] the net profits of a company in any financial year— (a) credit shall be given for the sums specified in sub-section (2), and credit shall not be given for those specified in sub-section (3) ; and (b) the sums specified in sub-section (4) shall be deducted, and those specified in sub-section (5) shall not be deducted.(2) In making the computation aforesaid, credit shall be given for the following sums :—bounties and subsidies received from any Government, or any public authority constituted or authorised in this behalf, by any Government, unless and except in so far as the Central Government otherwise directs.(3) In making the computation aforesaid, credit shall not be given for the following sums :— (a)&# .... To read the full section download the app from Google Play store
CAclubindia
