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of <h1>Section 115JB(2C) Adjustments: Book Profits for Companies under Indian Accounting Standards from April 1, 2017.</h1> Section 115JB(2C) of the Income Tax Act addresses adjustments in book profits for companies complying with Indian Accounting Standards, effective from April 1, 2017. For the year of convergence and the subsequent four years, book profits are adjusted by one-fifth of the transition amount. Adjustments also occur when assets or investments are retired, disposed, or transferred, affecting book profits by the relevant amounts. The 'year of convergence' is the year the convergence date falls, and the 'transition amount' involves adjustments in other equity, excluding specific reserves. Certain revaluations and adjustments related to assets and foreign operations are specified for exclusion.
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