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of <h1>New Notification Sets Tolerance Limits for Arm's Length Price: 1% for Wholesale Trading, 3% for Others.</h1> The Central Government has issued Notification No. 116/2024 under the Income-tax Act, 1961, establishing tolerance limits for determining the arm's length price for the assessment year 2024-2025. For wholesale trading, the tolerance limit is set at 1%, while for all other cases, it is 3%. Wholesale trading is defined as transactions where the purchase cost of finished goods is 80% or more of the total cost, and the average monthly closing inventory is 10% or less of sales. The notification ensures no adverse effects from its retrospective application.
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