Income-tax ( 22nd Amendment), Rules, 2017 - Substitution of Form no. 29B - Report u/s 115JB of the Income-tax Act, 1961 for computing the book profits of the company - 80/2017 - Income Tax Act, 1961
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Computation of book profits: new Form 29B mandates CA certification and detailed Ind AS adjustment schedules for tax reporting. The rules substitute Form No.29B and amend rule 12 to include section 115JC reference; Form No.29B requires a practising chartered accountant's certificate that book profits are computed per the statute, and an Annexure with Part A (general identification and core book-profit computation including add-backs, deductions and sub-section (2A)/(2C) adjustments), Part B (detailed Ind AS-related adjustments and OCI reconciliations to be carried to Part A) and Part C (convergence transition adjustments with one-fifth annualisation) to document Ind AS transition and related disclosures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Computation of book profits: new Form 29B mandates CA certification and detailed Ind AS adjustment schedules for tax reporting.
The rules substitute Form No.29B and amend rule 12 to include section 115JC reference; Form No.29B requires a practising chartered accountant's certificate that book profits are computed per the statute, and an Annexure with Part A (general identification and core book-profit computation including add-backs, deductions and sub-section (2A)/(2C) adjustments), Part B (detailed Ind AS-related adjustments and OCI reconciliations to be carried to Part A) and Part C (convergence transition adjustments with one-fifth annualisation) to document Ind AS transition and related disclosures.
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