Rule 118: be reduced by the following amount, namely:—

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Rule 118 - be reduced by the following amount, namely:—

118. (1) For the purposes of section 206(1)(i), the tax payable by the assessee company under section 206(1), for the tax year referred to in that section, shall be reduced by the following amount, namely:— (A–B) – (C–D), Where,— A = tax payable by the assessee company under section 206(1) on the book profit of the tax year including the past income and where there is no tax payable, the value shall be taken as zero; B = tax payable by the assessee company under section 206(1) on the book profit

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