THE FIRST SCHEDULE

Item No.

Particulars

Amount of sub-items
Rs.

Amount of main items
Rs.

Remarks

1

 Net-profit as shown in the  Profit and Loss   Account after Making usual and necessary    Provisions

2

See footnote (1)

See footnote (1)

Total of Item No.2

Rs.

Item No.

Particulars

Amount of sub-items

Amount of main items

Remarks

3

Add back also :

Rs.

Rs.

(a)     Bonus paid to employees in respect of previous accounting years.

See footnote (1)

(b)  the amount debited in respect of in excess of the aggregate of

(i)       the amount, if any, paid to, or provided for payment to, an approved gratuity fund : and

(ii)      the amount actually paid to employees on their retirement or on termination of their employment for any reason.

(c) Donations in excess of the amount admissible for income-tax.

See footnote (1)

(d)     Capital expenditure (other than capital expenditure on scientific research which is allowed as a deduction under any law for the time being in force relating to direct taxes) and capital losses (other than losses on sale of capital assets on which depreciation has been allowed for income-tax).

(e)     Any amount certified by the Reserve Bank of India in terms of sub-section (2) of Section 34-A of the Banking Regulation Act, 1949 (10 of 1949).

(f)       Losses of, or expenditure relating  to, any business situated outside India.

Total of Item No.3

Rs.

4.

Add also income, profits or gains (if any) credited directly to published or disclosed reserves, other than –

i.         Capital receipts and capital profits (including profits on the sale of capital assets on which depreciation has not been allowed for income-tax) :

ii.       Profits of, and receipts relating to, any business situated outsides India;

iii.     income of foreign banking companies from investments outside India.

Net total Nos. 4

Rs.

5.

Net total Nos. 1, 2, 3 and 4

Rs.

6.

Deduct :

a.   Capital receipts and capital profits (other than profits on the sale of assets on which  depreciation has been allowed for income-tax).

See footnote (2)

b.   Profits of, and receipts relating to, any business situated outside India

See footnote (2)

c.   Income of foreign banking companies from investments outside India

d.   Expenditure or losses (if any) debited directly to published or disclosed reserves, other than –

i.    capital expenditure and capital losses (other than losses on sale of capital assets on which depreciation has not been allowed for income-tax) :

ii.   Losses of any business situated outside India.

e.   In the case of foreign banking companies proportionate administrative (overhead) expenses of Head Office allocable to Indian business.

See footnote (3)

f.    Refund of any excess direct tax paid for previous accounting years and excess provision, if any, of previous accounting years, relating to bonus depreciation, or development rebate, if written back.

See footnote (2)

g.   Cash subsidy, if any, given by the Government or by any body corporate established by any law for the time being in force or by any other agency through budget-ary grants, whether given directly or through any agency for specified purposes and the proceeds of which are reserved for such purposes.

See footnote (2)

Total of Item No. 6

Rs.

7.

Gross profits for purposes of bonus (Item no. 5 minus Item No. 6)

Rs.