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of <h1>Finance Bill 2012 amends Section 40A of Income-tax Act, affecting related party transactions from April 1, 2013.</h1> Clause 12 of the Finance Bill, 2012, proposes amendments to section 40A of the Income-tax Act, effective April 1, 2013. It modifies sub-section (2) to prevent disallowance of deductions for specified domestic transactions at arm's length price, as per section 92BA. Additionally, it amends clause (b) to include companies with substantial interest in the business or profession of the assessee, expanding the scope of related parties. These changes apply from the assessment year 2013-2014 onwards.
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