https://www.taxtmi.com/caselaws?id=292759 Rule 115(1) requires foreign-currency income to be converted into rupees using the telegraphic transfer buying rate on the specified date, and the proviso concerning tax deduction at source does not control business-income computation. On that basis, a mismatch with Form 26AS did not justify an addition, subject to verification of the correct exchange rate. For presumptive taxation under section 44B, service tax is excluded from gross receipts and does not form part of the computation base. The commentary therefore records that the assessee's conversion method and exclusion of service tax were sustained, with the Revenue's challenge failing on both issues. en-us Sat, 04 Jan 2020 00:00:00 +0530 Wed, 13 Nov 2024 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292759 Rule 115(1) requires foreign-currency income to be converted into rupees using the telegraphic transfer buying rate on the specified date, and the proviso concerning tax deduction at source does not control business-income computation. On that basis, a mismatch with Form 26AS did not justify an addition, subject to verification of the correct exchange rate. For presumptive taxation under section 44B, service tax is excluded from gross receipts and does not form part of the computation base. The commentary therefore records that the assessee's conversion method and exclusion of service tax were sustained, with the Revenue's challenge failing on both issues. Case-Laws Income Tax Sat, 04 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292759