Payment received 17 June 2026, 14:05 IST
4,000 USD · Invoice 2026-104 · Counterparty declared as Cascade Data Inc
What is missing
Checked before anything else was worked out. Nothing below can be assumed.
- GST Inward Supply Certificate (GISC)No mention of any supply of goods or services within India, and the transaction is an export of services. Not obtainable.
- Export DeclarationNo explicit mention of an export declaration as required by FEMA-3-7-8.md. Not obtainable through this payment route. Blocks: valuation.
- Income Tax Deduction CertificateNo information provided about the value of the virtual digital asset or the payer's eligibility for the 1% tax deduction rate. Not obtainable. Blocks: income_tax.
- Fair Market Value CertificateNo information provided about the valuation date or the need for a registered valuer's certificate. Not obtainable through this payment route. Blocks: valuation.
What it was worth in rupees
This receipt has no valuation dispute. One figure, directly determinable, shown as such rather than forced into a range.
What this triggers
Each conclusion carries the provision it rests on, and how settled that provision is.
The receipt is classified as income from other sources, recognized on the date of credit (17 June 2026), valued using the telegraphic transfer buying rate on the last day of the tax year (31 March 2027), and is subject to TDS at 1% if the payer is a resident. The penalty position is governed by s.439(8), requiring a bona fide explanation and disclosure of all material facts. Rule 206, Income-tax Rules, 2026
The supply meets all the conditions for being an export of services. IGST Act, 2017, s.2(6)
What we checked
13 provision(s) actually checked for this record (2 cited above, 11 checked and correctly not relied on), corpus frozen 2026-08-19
- Section 50, CGST Act 20172026-08-19
- Section 74A, CGST Act 20172026-08-19
- Section 2(6), Integrated Goods and Services Tax Act, 2017 — cited above2026-08-19
- Section 115BBH, Income-tax Act, 1961 — carried into the Income-tax Act, 20252026-08-19
- Section 2(47A), Income-tax Act, 1961 — carried into the Income-tax Act, 20252026-08-19
- Section 393(1), Table Sl. No. 8(vi), Income-tax Act, 20252026-08-19
- Section 439(8), Income-tax Act, 20252026-08-19
- Rule 243(8)(e), Income-tax Rules, 20262026-08-19
- Rule 206, Income-tax Rules, 2026 — cited above2026-08-19
- Rule 207, Income-tax Rules, 20262026-08-19
- Rule 247, Income-tax Rules, 20262026-08-19
- Rule 56, Income-tax Rules, 20262026-08-19
- Rule 57, Income-tax Rules, 20262026-08-19
Not checked: state levies, treaty relief, anything outside Indian law. Where we say no rule was found, we mean within this scope.
What we tried to break
Node 5 (adversarial) was not run for this record. Nothing below was attacked, and nothing here should be read as having survived scrutiny.
This is not tax advice, and it does not make anything compliant. It records what was known at the time and what was not.
The classification of the receipt as income from other sources is based on the facts provided, but the specific nature of the service and the context of the transaction could affect this classification. The TDS applicability depends on the residency status of the payer, which is not explicitly stated in the facts.
The place of supply is not explicitly stated, which affects the certainty of the outcome.
Where the law prescribes no method, we do not invent one. That is the whole point.