Clause 31 - Amendment of section 92B - Finance (No. 2) Bill, 2014

Amendment of section 92B 31. In section 92B of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2015, (i) for the words deemed to be a transaction , the words deemed to be an international transaction shall be substituted; (ii) after the words determined in substance between such other person and the associated enterprise , the words where the enterprise or the associated enterprise or both of them are non-residents irrespective of whether such other person is a non-resident or not shall be inserted.