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of <h1>Finance Act 2001 Revises Income Tax: Section 92 Focus on Arm's Length Pricing for International Deals</h1> The Finance Act, 2001, amends the Income-tax Act by replacing Section 92 with new provisions effective April 1, 2002. It mandates that income from international transactions be computed based on the arm's length price, including expenses and interest. It defines 'associated enterprise' and 'international transaction,' detailing criteria for association and transaction types. The arm's length price is determined using prescribed methods, and the Assessing Officer may adjust income if prices deviate from these standards. Entities involved in international transactions must maintain records, and furnish a report from an accountant. Definitions relevant to these computations are also provided.
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