While calculating book profits under section 115 JB of Income Tax Act, 1961 which of the following is not to be deducted ?

CS Executive · Tax Laws and Practice · PYQS · December 2018

(A) The amount withdrawn from any reserve or provision if any such amount is credited to the Profit & Loss Account

(B) The amount of income by way of royalty in respect of patent chargeable to tax under section 115BBF

(C) Long term capital gain referred under section 10(38) of the Act

(D) Brought forward loss/unabsorbed depreciation whichever is less

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961