The Business Profits Act, 1947.
4. Charge of tax.-
Subject to the provisions of this Act, there shall, in respect of any business to which this Act applies, be charged, levied and paid on the amount of the taxable profits during any chargeable accounting period, a tax (in this Act referred to as "business profits tax") which shall be equal to sixteen and two-thirds per cent. of the taxable profits:
any profits which are, under the provisions of sub- section (3)m of section 4 of the Indian Income-tax Act, 1922, exempt from income-tax,
all profits from any business of life insurance,
any sum paid to a business by or through the Central Government by way of bonus or subsidy - shall be totally exempt from business profits tax under this Act .