TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 115JB: Companies Must Include Revaluation Reserves in Book Profits from April 1, 2013</h1> Clause 46 of the Finance Bill, 2012 proposes amendments to section 115JB of the Income-tax Act, focusing on the preparation of profit and loss accounts by companies. Companies, except those covered under a specific proviso of section 211 of the Companies Act, 1956, must prepare their accounts per Part II of Schedule VI of the Companies Act. Companies under the proviso must adhere to their governing Act. Additionally, a new clause in Explanation 1 mandates that book profits include amounts from revaluation reserves on asset retirement or disposal if not credited to the profit and loss account. These changes apply from April 1, 2013, for the assessment year 2013-2014 onwards.
TaxTMI 
TaxTMI 
