Section 9, The Finance Act, 2016

Section 95 of the Income Tax Act, 2000 is amended byinserting immediately after subsection (6) of the following new subsection – “(7) A transaction with a related party during a year of assessment shall disclose the following – (a) the relationship with the related party; (b) the volume and value of the transaction; (c) the price charged and the basis or method of ascertaining that price; and (d) the comparative price for a similar transaction made with non-controlled entities or charged by non controlled entities”.