The net profit as per Statement of Profit and Loss of PQR Ltd., a resident company for the year ended 31st March, 2019 is ₹280 lakh arrived at after debiting/crediting following items : (i) Depreciation on Assets ₹110 la

Computation of Book Profit of PQR Limited under section 115JB For AY 2019-20 Particulars Amounts (₹ In Lakhs) Profit as per P & L A/c 280 Add: Following amount as per Explanation 1 to section 115JB Depreciation on assets including depreciation on revaluation of assets 110 Transfer to General Reserve 5 Provision of tax including tax on distributed profit under section 115-O and including interest under the Income Tax Act 50 Proposed Dividend 20 Total Additions 185 Subtotal (280 + 185) 465 Less: Following amount as per Explanation 1 to section 115JB Dividend from Indian companies is exempt u/s 10(34) (8) Depreciation excluding depreciation on revaluation of assets (₹110 lakh - ₹30 lakh) (80) Amount withdrawn from revaluation reserve restricted to the amount of depreciation on account of revaluation (30) Unabsorbed depreciation or unabsorbed losses as per books of account whichever is less (Lower of ₹13 lakh or ₹9 lakh) (9) Total Deductions (127) Book Profits as per section 115JB 338 Tax @ 18.5% on ₹338 lakh 62.53 Add: Surcharge @ 7% on ₹62.53 lakh 4.38 Tax and Surcharge 66.91 Add: Health and Education Cess @ 4% on ₹66.91 lakh 2.68 Total Tax Liability (as per section 115JB 'MAT') 69.59