2008 amendments

The 2008 amendments to the Indian Income Tax Act introduced several important updates, including clearer rules on transfer pricing (setting prices for transactions between related companies), increased penalties for tax evasion, and measures to prevent abuse of tax exemptions. They aimed to improve tax compliance, expand the scope of taxable income, and strengthen enforcement. Additionally, these amendments streamlined certain procedures, clarified definitions, and enhanced mechanisms for data sharing between tax authorities to ensure more effective monitoring and collection of taxes, ultimately making the tax system more transparent and fair.