Notification regarding proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962 (dated 29.10.2021) – Ministry of Finance.
View PdfNotification regarding proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962 (dated 29.10.2021) – Ministry of Finance.
- This for the purposes of this notification, “wholesale trading” means an international transaction or specified domestic transaction of trading in goods, which fulfils the following conditions, namely:-
- Purchase cost of finished goods is eighty per cent or more of the total cost pertaining to such trading activities; and
- Average monthly closing inventory of such goods is ten percent or less of sales pertaining to such trading activities.
