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of <h1>Ministry of Finance sets arm's length price tolerance for 2017-19; 1% for wholesale, 3% for others.</h1> Notification No. 50/2017 issued by the Ministry of Finance on June 9, 2017, under the Income-tax Act, 1961, specifies that for assessment years 2017-18 and 2018-19, the arm's length price for international or specified domestic transactions will be considered as the actual transaction price if the variation does not exceed one percent for wholesale trading and three percent for other cases. Wholesale trading is defined as transactions where the purchase cost of finished goods is at least 80% of total cost and the average monthly closing inventory is 10% or less of sales.
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