CMAs now included in definition of Accountant for this Income Tax Certification: Know More

The government has clarified the definition of 'Accountant' for the purpose of Safe Harbour Rules concerning international transactions under Rules 87 to 93 of the <a href="https://studycafe.in/budget-2026-proposes-to-amend-income-tax-act-to-provide-exemption-on-income-from-compulsory-acquisition-of-land-408820.html">Income Tax Act</a>.

As per the new definition of 'Accountant', mentioned under Section 515(3)(b) of the Income Tax Act, an individual will be eligible for the said profession if he/she is pursuing the profession of accountancy individually or working as a valuer, then he/she should have minimum professional experience of ten years, and his/her annual receipts should be more than Rs. 50 lakhs in the previous year from the exercise of the profession. If the professional is part of a firm or entity providing accountancy or valuation services, the entity’s annual receipts should be more than Rs. 3 crore in the preceding year.

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The definition has also been expanded to include professionals recognised for undertaking cost certification by the government of the country where the associated enterprise is registered or incorporated or in any of its agencies. However, they must fulfil some conditions. The two aforesaid eligibilities regarding experience and financial thresholds apply here too. Additionally, if they are members or partners of an accountancy or valuation entity, that entity or its affiliates should have operations in more than two countries.

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As emphasised by the Hon’ble Finance Minister in <a href="https://studycafe.in/bought-sovereign-gold-bonds-later-budget-2026-may-change-your-tax-story-check-govt-proposal-409078.html">Budget 2026</a>, this wider definition effectively allows Cost and Management Accountants (CMAs) to be included for Safe Harbour certification, provided they meet the prescribed conditions.

CMAs now included in definition of Accountant for this Income Tax Certification: Know More

The government has clarified the definition of 'Accountant' for the purpose of Safe Harbour Rules concerning international transactions under Rules 87 to 93 of the <a href="https://studycafe.in/budget-2026-proposes-to-amend-income-tax-act-to-provide-exemption-on-income-from-compulsory-acquisition-of-land-408820.html">Income Tax Act</a>.

As per the new definition of 'Accountant', mentioned under Section 515(3)(b) of the Income Tax Act, an individual will be eligible for the said profession if he/she is pursuing the profession of accountancy individually or working as a valuer, then he/she should have minimum professional experience of ten years, and his/her annual receipts should be more than Rs. 50 lakhs in the previous year from the exercise of the profession. If the professional is part of a firm or entity providing accountancy or valuation services, the entity’s annual receipts should be more than Rs. 3 crore in the preceding year.

[related id="409580"]

The definition has also been expanded to include professionals recognised for undertaking cost certification by the government of the country where the associated enterprise is registered or incorporated or in any of its agencies. However, they must fulfil some conditions. The two aforesaid eligibilities regarding experience and financial thresholds apply here too. Additionally, if they are members or partners of an accountancy or valuation entity, that entity or its affiliates should have operations in more than two countries.

[related id="409568"]

As emphasised by the Hon’ble Finance Minister in <a href="https://studycafe.in/bought-sovereign-gold-bonds-later-budget-2026-may-change-your-tax-story-check-govt-proposal-409078.html">Budget 2026</a>, this wider definition effectively allows Cost and Management Accountants (CMAs) to be included for Safe Harbour certification, provided they meet the prescribed conditions.

The government has clarified the definition of 'accountant' for the purpose of Safe Harbour Rules concerning international transactions under Rules 87 to 93 of the Income Tax Act.

CMAs now included in definition of Accountant for this Income Tax Certification: Know More

The ITAT has upheld the disallowance of delayed employees' PF/ESI contributions under Section 143(1), ruling that CPC can make such adjustments while processing income tax returns.

Delayed PF/ESI Deposits Can Be Disallowed During ITR Processing, Holds ITAT

The ITAT Delhi remands Section 11 exemption case after the tax authorities fails to prove that educational institute engaged in trade or commercial activities.

ITAT Remands Section 11 Exemption Case After Revenue Fails to Prove Taxpayer's Engagement in Commercial Activity

The Centre has re-appointed Ravi Agrawal as CBDT Chairman on a six-month contract from July 1 to December 31, 2026.

Government Re-Appoints Ravi Agrawal as CBDT Chairman for Six Months

The ITAT Mumbai deleted the Rs 7 lakh addition under Section 69A, holding that credible evidence and consistent explanations outweigh mere suspicion in unexplained cash cases.

ITAT Deletes Rs 7 Lakh Section 69A Addition, Says Suspicion Alone Cannot Replace Proof

The HC dismissed a writ petition challenging personal tax recovery under Section 179, holding that adequate protection had already been granted by directing authorities to first recover dues from the company.

Tax Recovery Must First Target Company: High Court Finds Existing Protection Sufficient and Dismisses Plea

The ITAT sets aside the CIT(A)'s order, holding that under Section 56(2)(x), stamp duty value on the date of allotment applies when part payment was made earlier.

ITAT Rules Stamp Duty Value to Be Considered at Allotment Date under Section 56(2)(x)

The ITAT held that a mere mismatch in a trade creditor's closing balance cannot justify an addition under Section 68 when the purchases, sales, and closing stock have already been accepted by the AO.

Mere Difference in Trade Creditor Closing Balance Cannot Justify Section 68 Addition When Purchases Are Accepted, Rules ITAT

Income Tax

Finance

ICAI

Judgement

ITAT

ITAT Delhi

Chartered Accountant

Institute of Chartered Accountants of India

CBDT

The ITAT restored a firework seller's income tax appeal after the assessee claimed that physical hearing notices were never received.

No Physical Income Tax Notice? ITAT Gives Firework Seller a Fresh Hearing

Income Tax Department has released quarterly Forms 121, 138, 140, 143, 144, 147 and 148 on the e-Filing Portal for filing under Income Tax Rules, 2026.
 