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of <h1>India Sets ALP Limits for 2014-15: 1% for Wholesale, 3% for Others u/s 92C of Income-tax Act.</h1> The Government of India, through Notification 45/2014 dated September 23, 2014, established tolerable limits for determining the arm's length price (ALP) under Section 92C of the Income-tax Act, 1961. For the assessment year 2014-15, if the variation between the ALP and the actual transaction price does not exceed one percent for wholesale trading and three percent for other transactions, the transaction price will be considered the ALP. Wholesale trading is defined as transactions where the purchase cost is at least 80% of total costs, and the average monthly closing inventory is 10% or less of sales.
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