Finence Bill 2012 as Passed By Lok Sabha as on 08-05-2012.

To be called the Finance Act, 2012

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Click here for Original Finance Bill, 2012 as Introduced in the Lok Sabha

( Clause wise readable and editable text.)

General Anti-Avoidance Rule expands power to recharacterise arrangements and deny tax benefits under the new statutory regime. The Bill inserts a statutory General Anti-Avoidance Rule (GAAR) enabling authorities to declare arrangements impermissible where a main purpose is obtaining a tax benefit, to disregard, combine or recharacterise steps or parties, and to determine tax consequences by reallocation or treatment of residence, situs or character of amounts; it also introduces an Approving Panel and Commissioner-led procedure for binding directions. Concurrently, transfer pricing scope is extended to specified domestic transactions, a statutory Advance Pricing Agreement regime is created, and expanded documentation, reporting, penalty and assessment-time provisions are imposed for transfer-pricing and disclosure failures.