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of <h1>Finance Bill 2012 amends Section 92B, clarifying 'international transaction' and 'intangible property,' effective from April 1, 2002.</h1> Clause 34 of the Finance Bill, 2012 proposes an amendment to section 92B of the Income-tax Act, clarifying the definitions of 'international transaction' and 'intangible property.' The amendment includes various transactions such as the purchase, sale, or lease of tangible and intangible property, capital financing, service provision, and business restructuring. It also expands the definition of intangible assets to cover marketing, technology, artistic, data processing, engineering, customer, contract, human capital, location, goodwill, and other intellectual content-based assets. This amendment is effective retrospectively from April 1, 2002, affecting assessment years from 2002-2003 onward.
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