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of <h1>Finance Bill 2017: Clause 47 amends Section 115JB, aligning tax rules with Indian Accounting Standards and Companies Act 2013.</h1> Clause 47 of the Finance Bill, 2017, amends section 115JB of the Income-tax Act to align it with the Indian Accounting Standards and the Companies Act, 2013. The amendment replaces references to the Companies Act, 1956, updates terminology from 'profit and loss account' to 'statement of profit and loss,' and introduces new sub-sections for companies following Indian Accounting Standards. It specifies adjustments to book profits, including comprehensive income and non-cash asset distributions in demergers. The changes are effective from April 1, 2017, applicable to the assessment year 2017-2018 and subsequent years.
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