Amendment to MAT Audit Report Form No 29B to reflect Ind AS related adjustments

Amendment to MAT Audit Report Form No 29B for Ind AS related adjustments  where financial statements of company are drawn up as per Ind-As

MINISTRY OF FINANCE
(Department of Revenue)
[CENTRAL BOARD OF DIRECT TAXES]

Notification No. 80/2017

New Delhi, the 18th August, 2017 INCOME-TAX

G.S.R. 1028(E).—In exercise of the powers conferred by sub-section (4) of section 115JB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely;—

1. (1) These rules may be called the Income-tax ( 22nd Amendment), Rules, 2017.
(2) They shall come into force from the date of their publication in the official Gazette.

2. In the Income-tax Rules, 1962, —

(A) in rule 12, in sub-rule (2), in the proviso, after the words, figures and letters “section 115JB”, the words, figures and letters “section 115JC” shall be inserted;

(B) in Appendix II, for the ‘Form No. 29B’, the following Form shall be substituted, namely:-

FORM NO. 29B

[See rule 40B]

Report under section 115JB of the Income-tax Act, 1961 for computing the book profits of the company

1. I/We* have examined the accounts and records of (name and address of the assessee with PAN) engaged in business of (nature of business) in order to arrive at the book profit during the year ended on the 31st March,_______.

2. I/We*certify that the book profit has been computed in accordance with the provisions of this section. The tax payable under section 115JB of the Income-tax Act in respect of the assessment year (……………) is Rs., which has been determined on the basis of the details provided in Annexure appended to this Form.

3. In my/our*opinion and to the best of my/our* knowledge and according to the explanations given to me/us* the particulars given in the Annexure are true and correct.

Place:
Date:

(Signature and Stamp/Seal of the Accountant)
Name of the Signatory:
Full Address:
Membership No:

1. *Delete whichever is not applicable.
2. This report is to be given by a chartered accountant, within the meaning of the Chartered Accountants Act, 1949 (38 of 1949), who holds a valid certificate of practice under sub-section (1) of section 6 of that Act and is not a person referred to in clause (a) or clause (b) of the Explanation below sub-section (2) of section 288.
3. Where any of the matter stated in this report is answered in the negative or with a qualification, the report shall state the reasons therefor.

ANNEXURE
[See paragraph 2]

Details relating to the computation of Book Profits for the purposes of section 115JB of the Incometax Act, 1961

Part A
General – Applicable to all the companies

 ………………………

……………………….

Part B

Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB

[Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015 for the previous year or any part thereof]

Part C

Details of the amount required to be increased or decreased in accordance with sub-section (2C) of section 115JB

[Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015 for the previous year or any part thereof]

[F. No. 133/23/2015-TPL]
PRAVIN RAWAL, Director (Tax Policy and Legislation)