Book Profit
This query is : Resolved
Shaik Shair Ali
(Querist)
31 August 2010
Dear Sir,
Pls explain clearly how to calculate Book Profit in case of Firms. I am confused abt it.
Tnx in advance
Pls explain clearly how to calculate Book Profit in case of Firms. I am confused abt it.
Tnx in advance
Aditya Maheshwari
(Expert)
31 August 2010
In case of doubts we should refer the Act. See what the act says.
As per Explanation to Section 40(b)
Explanation 3.—For the purposes of this clause, “book-profit” means the net profit, as shown in the profit and loss account for the relevant previous year, computed in the manner laid down in Chapter IV-D as increased by the aggregate amount of the remuneration paid or payable to all the partners of the firm if such amount has been deducted while computing the net profit.
As per Explanation to Section 40(b)
Explanation 3.—For the purposes of this clause, “book-profit” means the net profit, as shown in the profit and loss account for the relevant previous year, computed in the manner laid down in Chapter IV-D as increased by the aggregate amount of the remuneration paid or payable to all the partners of the firm if such amount has been deducted while computing the net profit.
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