Notification under third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (dated 28.06.2022) – Ministry of Finance.
Notification under third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (dated 28.06.2022) – Ministry of Finance.
- 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 per cent. Or less of sales pertaining to such trading activities. , refer attachment for further details.
