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of <h1>Finance Ministry Sets Arm's Length Price Tolerance for 2019-2020: 1% for Wholesale, 3% for Others, per Section 92C.</h1> The notification by the Ministry of Finance, Department of Revenue, specifies the tolerance range for determining the arm's length price under Section 92C of the Income-tax Act, 1961, for the assessment year 2019-2020. It states that if the variation 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 will be considered the arm's length price. Wholesale trading is defined as transactions where the purchase cost of finished goods is 80% or more of the total cost, and average monthly closing inventory is 10% or less of sales.
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