Amendment of Chapter X.
37. In sections 92C, 92D and section 92E of Chapter X of the Income-tax Act, for the words “international transaction” wherever they occur, the words “international transaction or specified domestic transaction” shall respectively be substituted with effect from the 1st day of April, 2013.
Notes on Clauses:
Clause 37 of the Bill seeks to amend Chapter X of the Income-tax Act relating to special provisions relating avoidance of tax.
The existing provisions of the aforesaid Chapter X makes special provisions relating to avoidance of tax.
Sections 92C, 92D and 92E under the aforesaid Chapter provide for meaning of international transaction, maintenance and keeping of information and document by persons entering into an international transaction and report from an accountant to be furnished by person entering into international transaction.
It is proposed to amend the aforesaid sections to substitute the words “international transaction or specified domestic transaction”, for the words “international transaction” wherever they occur so as to extend the provisions of the aforesaid sections to the specified domestic transaction.
These amendments will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-2014 and subsequent assessment years.
