Cracks

1 Q. M/s get-go rudiment property point Ltd., is an authentic money changer registered low FEMA 1999. It expects to enter into the spare-time activity exploit of money ever-changing: (a) change 10,00,000 US$; and 1,00,000 GBP. Purchased 9,80,000 US$; and 94,000 GBP. (b) Sold 50,000 units of funds alphabet and purchased 48,000 units of that specie. (c) Sold 9,750 US$ for 5,000 GBP and commute 14,625 GBP for 30,000 US$; (d) Selling place for foreign currencies by M/s first rudiment specie Express Ltd., : 1 US$ = Rs. 40; and 1 GBP = Rs. 80; and I unit of bills alphabet = Rs. 20. (e) Purchase company of foreign currencies by M/s ABC MONEY Express Ltd.,: 1 US$ = Rs. 39; and 1 GBP = Rs. 78; and 1 unit of silver ABC = Rs. 19.5. (f) run batted in refer Rate for the various currencies at the applicable time : 1 US$ = Rs. 39.45; and 1 GBP = Rs. 78.9. there is no RBI denotation rate for currentness ABC. You argon required to suppose the rate of assessable returns under section 65 (105)(zm) of the finance Act, 1994 and service tax revenue thereon. M/s ABC MONEY Express has learnt that it substructure pick out for a composition scheme for arouse of its service tax liability. Discuss. It may noted that all transactions of purchase and sales incident of foreign currencies were uniformly for a sum of Rs. 1,00,000 per transaction. Ans. : M/s ABC MONEY mien Ltd.

shall fall under Banking & former(a) financial services The value of that service shall be computed as per Rule 2B of the Service tax revenue (Determination of apprise) Rules, 2006 as follows- Sale of US$ & GBP : appraise = (Selling Rate RBI Rate) x Units of foreign capital sell, i.e., prise = (Rs. 40-Rs. 39.45) x 10,00,000 USD + (Rs.80-Rs.78.9) x 1,00,000 GBP Rs. 6,60,000 Purchase of US$ & GBP : honour = (RBI Rate Purchase Rate) x Units of foreign currency sold i.e., Value = (Rs. 39.45 Rs. 39) x 9,80,000 USD + (Rs. 78.9) x 94,000 GBP 5,25,600 Sale & Purchase of Currency ABC: Since RBI source rate is not available, hence, Value = 1% of the gross bar of Indian Rupees provided or...If you want to contain a full essay, order it on our website: Ordercustompaper.com

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