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of <h1>Finance Act 2001: New Transfer Pricing Rules in Income-tax Act Sections 92-92F for International Transactions.</h1> The Finance Act, 2001, replaced section 92 of the Income-tax Act with sections 92 and 92A to 92F, focusing on transfer pricing for international transactions between associated enterprises. These provisions require income to be computed at arm's length price, with methods specified under section 92C. The taxpayer primarily determines this price, but the Assessing Officer can adjust it under certain conditions. New rules outline documentation and reporting requirements. Initially, adjustments won't be made if the taxpayer's price is within 5% of the officer's determination. The provisions apply from April 1, 2002, with leniency for documentation lapses before this date.
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