Examveda

Which of the following needs to be subtracted from allocable surplus?

A. Any amount by way of depreciation admissible in accordance with the Income Tax Act or in accordance with the provisions ofthe agricultural income tax law

B. Any amount by way of which the employer is entitled to deduct from his income under the Income Tax Act

C. Any direct tax which the employer is liable to pay for the accounting year in respect of his income, profits and gains during that year

D. All of the above

Answer: Option D


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