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<h1>India's Finance Ministry Sets Arm's Length Price Guidelines for 2015-2016 u/s 92C of Income-tax Act 'sLength.</h1> The Government of India, through the Ministry of Finance, issued Notification No. 86/2015, setting guidelines for determining the arm's length price under section 92C of the Income-tax Act, 1961. For the Assessment Year 2015-2016, if the difference between the arm's length price and the actual transaction price does not exceed one percent for wholesale trading and three percent for other cases, the transaction price is deemed the arm's length price. Wholesale trading is defined as transactions where the purchase cost of finished goods is at least 80% of total costs and average monthly closing inventory is 10% or less of sales.
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