An error made in an earlier paper by the authors regarding the appropriate effective masses to be used in calculations employing the Basov formulation is corrected. The new results for two-photon absorption coefficient obtained from the Basov formula now agree quite well with those computed using Keldysh's treatment. Furthermore, it is shown that improved agreement between theoretical and experimental two-photon absorption coefficients is obtained by including non-parabolocity and degeneracy of the energy bands in the calculations.