Login : Advocate | Client
Home Post Your Case My Account Law College Law Library

Report No. 12

118. "Distributable income".-

For the purposes of sections 113 and 114 [23A (1), substantive part and (2)1, "distributable income" means the total income of a company as reduced by-

(a) the amount of income-tax and super-tax payable by the company in respect of its total income, but excluding the amount of any super-tax payable under section 113 [section 23A(1) operative part];

(b) the amount of any other tax levied under any law for the time being in force on the company by the Government or by a local authority in excess of the amount, if any, which has been allowed in computing the total income;

(c) any sum in respect of which a deduction of income-tax is allowed under the provisions of section 89 [15B]; and

(d) in the case of a banking company, the amount actually transferred to a reserve fund under section 17 of the Banking Companies Act, 1949.

[Section 28A(1), part]

Income-Tax Act, 1922 Back

Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys