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Hi Utpal Kiran,
Tolerances are generally application dependent as they reflect the amount of accuracy you want to derive from each time step. The integrators in SUNDIALS will use these to govern the size of steps, and for CVODE and iDA also the order of method. I suggest taking a look at the FAQ article on choosing tolerances and consider what makes sense for your problem specifically. This has a nice explanation of the differences between absolute and relative tolerances.
https://computing.llnl.gov/projects/sundials/faq#cvode_tols
--Carol