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Amendment of section 115JB.

Clause 47 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 47 - 47. In section 115JB of the Income-tax Act,- (i) in sub-section (2),- (a) for the words profit and loss account wherever they occur, the words statement of profit and loss shall be substituted; (b) for the words and figures the Companies Act, 1956 (1 of 1956) wherever they occur, the words and figures the Companies Act, 2013 (18 of 2013) shall be substituted; (c) in clause (a), for the words and figures Part II of Schedule VI , t .....

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ments are drawn up in compliance to the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015, the book profit as computed in accordance with Explanation 1 to sub-section (2) shall be further- (a) increased by all amounts credited to other comprehensive income in the statement of profit and loss under the head Items that will not be re-classified to profit or loss ; (b) decreased by all amounts debited to other comprehensive income in the st .....

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accordance with Appendix A of the Indian Accounting Standards 10: Provided that nothing contained in clause (a) or clause (b) shall apply to the amount credited or debited to other comprehensive income under the head Items that will not be re-classified to profit or loss in respect of- (i) revaluation surplus for assets in accordance with the Indian Accounting Standards 16 and Indian Accounting Standards 38; or (ii) gains or losses from investments in equity instruments designated at fair value .....

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stment. (2B) In the case of a resulting company, where the property and the liabilities of the undertaking or undertakings being received by it are recorded at values different from values appearing in the books of account of the demerged company immediately before the demerger, any change in such value shall be ignored for the purpose of computation of book profit of the resulting company under this section. (2C) For a company referred to in sub-section (2A), the book profit of the year of conv .....

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se relatable to such asset or investment: Provided further that the book profit of the previous year in which the foreign operation referred to in sub-clause (F) of clause (iii) of the Explanation is disposed or otherwise transferred, shall be increased or decreased, as the case may be, by the amount or the aggregate of the amounts referred to in the said sub-clause relatable to such foreign operations. Explanation.-For the purposes of this sub-section, the expression- (i) year of convergence me .....

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aggregate of the amounts adjusted in the other comprehensive income on the convergence date which shall be subsequently re-classified to the profit or loss; (B) revaluation surplus for assets in accordance with the Indian Accounting Standards 16 and Indian Accounting Standards 38 adjusted on the convergence date; (C) gains or losses from investments in equity instruments designated at fair value through other comprehensive income in accordance with the Indian Accounting Standards 109 adjusted on .....

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ting to cumulative translation differences of a foreign operation in accordance with paragraph D13 of the Indian Accounting Standards 101 on the convergence date. ; (iii) in Explanation 1,- (a) for the words net profit , the word profit shall be substituted; (b) for the words profit and loss account wherever they occur, the words statement of profit and loss shall be substituted; (c) in clause (k) for the words profit or loss account , the words statement of profit and loss shall be substituted; .....

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