Corporate Updates – 22-08-2017


CBDT has notified Income-tax (22nd Amendment), Rules, 2017 dated 18th August, 2017 to revise the Form 29B i.e accountant’s report on computation of book profits u/s 115JB, consequent to Finance Act, 2017 amendment in Sec. 115JB (providing a framework for Ind-AS regime).Changes include modification to Part A and introduction of new part B and part C in Annexure to Form 29B seeking various details regarding the amount required to be increased or decreased in accordance with amended Sec. 115JB (2A)/(2C) applicable to companies preparing financial statements under Ind AS; Revised Form also requires disclosure of whether the accounting year followed is same as relevant previous year; Where the accounting year is different, the new form requires accountant to state whether profit and loss statement for computing book profit u/s 115JB is prepared following same accounting policies/accounting standards/depreciation rates as adopted for preparing accounts "for the respective parts of the financial year laid or to be laid before the company at its annual general meeting" and extent and nature of variations if any.


SEBI has issued a Press Release in respect to Curbing misuse of bulk SMS in the Securities Market. In view of the detrimental effect of fraudulent bulk SMSs on the integrity of markets and confidence of investors, SEBI sought the attention of Telecom Regulatory Authority of India (TRAI) which has been entrusted with regulation of the telecommunication services so as to protect the interest of the consumers of telecommunications service and the public at large. TRAI and SEBI collaborated closely to review the existing regulatory framework and industry practices to help in reducing the vulnerability of securities market to manipulation through misuse of mass communication device like bulk SMS. TRAI has issued directions to all Access Providers to follow certain operational guidelines for SMSs relating to investment advice/stock tips using the bulk SMS channel. SEBI believes that these directions will go a long way to curb the dissemination of fraudulent and misleading information through the bulk SMS channel.

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