(4)In making the computation aforesaid, the following sums shall be deducted:-(a)all the usual working charges;(b)Directors' remuneration;(c)bonus or commission paid or payable to any member of the company's staff, or to any engineer, technician or person employed or engaged by the company, whether on a whole-time or on a part-time basis;(d)any tax notified by the Central Government as being in the nature of a tax on excess or abnormal profits;(e)any tax on business profits imposed for special reasons or in special circumstances and notified by the Central Government in this behalf;(f)interest on debentures issued by the company;(g)interest on mortgages executed by the company and on loans and advances secured by a charge on its fixed or floating assets;(h)interest on unsecured loans and advances;(i)expenses on repairs, whether to immovable or to movable property, provided the repairs are not of a capital nature;(j)[ outgoings inclusive of contributions made under clause (e) of sub-section (1) of section 293;] [ Substituted by Act 65 of 1960, Section 127, for Clause (j) (w.e.f. 28.12.1960).](k)depreciation to the extent specified in section 350;(l)[ the excess of expenditure over income, which had arisen in computing the net profits in accordance with this section in any year which begins at or after the commencement of this Act, in so far as such excess has not been deducted in any subsequent year preceding the year in respect of which the net profits have to be ascertained;] [ Substituted by Act 65 of 1960, Section 127, for Clause (l) (w.e.f. 28.12.1960).](m)any compensation or damages to be paid in virtue of any legal liability including a liability arising from a breach of contract;(n)any sum paid by way of insurance against the risk of meeting any liability such as is referred to in clause (m);(o)[ debts considered bad and written off or adjusted during the year of account;] [ Inserted by Act 65 of 1960, Section 127 (w.e.f. 28.12.1960).](p)[ amount paid as cess under section 441-A.] [ Inserted by Act 11 of 2003, Section 137.]
