Transfer pricing rules: arm's length pricing, documentation and reporting obligations expand anti avoidance and compliance framework. Finance Act, 2001 implements broad amendments: confirms income tax and TDS rate structures, revises surcharge and withholding scopes, expands statutory definitions to include electronic records, and restructures sectoral tax holidays and exemptions. It introduces a comprehensive transfer pricing framework requiring arm's length pricing, prescribed methods, mandatory documentation and accountant reports, and prescribes penalties for non compliance. Procedural rationalisations include unified filing and audit due dates, tightened time limits for assessments and refunds, mandatory PAN quoting in withholding returns, standardized interest rates for defaults, and fixed quantum penalties to improve compliance and expedite dispute resolution.