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of <h1>Finance Bill 2012 amends Income-tax Act: Defines 'property' and 'transfer,' includes Director as Commissioner, changes demerger rules.</h1> Clause 3 of the Finance Bill, 2012 proposes amendments to section 2 of the Income-tax Act. It clarifies that 'property' includes rights related to an Indian company, effective from April 1, 1962. It also includes the Director of Income-tax in the definition of the Commissioner from April 1, 1988. Additionally, it modifies clause (19AA) to exclude share issuance requirements in certain demergers from April 1, 2013. Lastly, it clarifies that 'transfer' encompasses various forms of asset disposition, effective from April 1, 1962. These amendments apply retrospectively to relevant assessment years.
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