Section - 115JB - Rationalisation in line
with Indian Accounting Standard (Ind-AS) -
The provision is sought to be
amended in consequence of the introduction of Indian Accounting Standards and
seeks to provide the framework for computation of book profit for Indian
Accounting Standard compliant companies in the year of adoption and thereafter.
As the Indian AS is required to be
adopted by certain companies for financial year 2016-17 mandatorily, the
amendment will take effect from 1st April 2017 relevant to
assessment year 2017-18.