Income Tax
The Central Board of Direct Taxes (CBDT) has notified the tolerance range while calculation of Arm’s length price as per section 92C to be 1 per cent for wholesale trading and 3 per cent in all other cases for assessment year 2024-25. “wholesale trading” means an international transaction or specified domestic transaction of trading in goods, which fulfils certain conditions.
[Notification No. 116/2024/F. No. 500/1/2014-APA-II dated 18.10.2024]
