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of <h1>Govt Sets Tolerance Range for Arm's Length Price in FY 2023-24: 1% for Wholesale, 3% for Others.</h1> The Central Government has issued Notification No. 46/2023 under the Income-tax Act, 1961, specifying a tolerance range for determining the arm's length price for international and specified domestic transactions for the assessment year 2023-2024. For wholesale trading, where the purchase cost of finished goods is 80% or more of total costs and average monthly closing inventory is 10% or less of sales, the tolerance limit is set at 1%. For all other cases, the limit is 3%. Transactions within these limits will be considered at arm's length price. The notification ensures no adverse effects from its retrospective application.
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