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NOTIFICATION REGARDING PROVISO TO SUB-RULE (7) OF RULE 10CA OF THE INCOME-TAX RULES, 1962 (DATED 29.10.2021)
Updated on:29th Oct, 2021
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
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