The Central Government notified the Indian Accounting Standards (Ind AS) which are in-line with International Financial Reporting Standards (IFRS). Consequently, the Finance Act, 2017, has amended the provisions of section 115JB of the Income-tax Act, 1961 (‘the Act’) for Ind AS compliant companies w.e.f. 1 April 2017.
The Central Board of Direct Taxes (‘the Board ‘) has received representations from various stakeholders seeking clarifications on certain issues arising therefrom. The Committee after considering the representations has issued clarifications by way of FAQs. The FAQs may be accessed on the below link.