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of <h1>New Income-Tax Act Sections Enable Advance Pricing Agreements for International Transactions, Effective July 1, 2012</h1> Sections 92CC and 92CD are introduced in the Income-tax Act to facilitate advance pricing agreements (APAs) for international transactions. Section 92CC allows the Board, with government approval, to set arm's length prices through APAs, binding for up to five years unless legal or factual changes occur. Fraudulent agreements can be declared void. Section 92CD mandates modified tax returns within three months of an APA, affecting assessments or reassessments accordingly. The completion of these proceedings must occur within specified timelines, with extensions provided. These provisions are effective from July 1, 2012.
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