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of <h1>Income-tax Act Section 92BA amendment expands 'specified domestic transaction' definition, effective April 1, 2024, for assessment year 2024-2025.</h1> Section 92BA of the Income-tax Act is amended to include a new clause (vb), effective from April 1, 2024. This clause expands the definition of 'specified domestic transaction' to encompass business transactions between an assessee and another person, as outlined in sub-section (4) of section 115BAE. The amendment aims to address transactions involving cooperative societies and individuals with close connections, aligning with the introduction of section 115BAE. This change applies to the assessment year 2024-2025 and subsequent years.
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