Total Receipts as per Income & Expenditure A/c |
| Less : Depreciation |
| |
| Less : 15% permitted Accumulation of net above after depreciation |
| Income to be applied |
| Less: Amounts
spent/applied towards |
| charitable |
| Add : Amount spent for acquisition of fixed |
| Total amount spent/applied during the year |
| Restricted to available surplus |
| Taxable income |
|
|