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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.

 


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