Cracks

1 Q. M/s first rudiment bills pull out Ltd., is an authentic money changer registered low FEMA 1999. It expects to figure into the following exploit of money changing: (a) change 10,00,000 US$; and 1,00,000 GBP. barter ford 9,80,000 US$; and 94,000 GBP. (b) Sold 50,000 wholes of funds alphabet and purchased 48,000 units of that specie. (c) Sold 9,750 US$ for 5,000 GBP and interchange 14,625 GBP for 30,000 US$; (d) Selling says for foreign currencies by M/s ABC bills Express Ltd., : 1 US$ = Rs. 40; and 1 GBP = Rs. 80; and I unit of money ABC = Rs. 20. (e) Purchase rates of foreign currencies by M/s ABC MONEY Express Ltd.,: 1 US$ = Rs. 39; and 1 GBP = Rs. 78; and 1 unit of Currency ABC = Rs. 19.5. (f) run batted in Reference Rate for the versatile currencies at the applicable time : 1 US$ = Rs. 39.45; and 1 GBP = Rs. 78.9. there is no RBI reference rate for Currency ABC. You argon required to compute the value of assessable serve up under section 65 (105)(zm) of the finance Act, 1994 and service tax thereon. M/s ABC MONEY Express has learnt that it can pick out for a composition arrangement for discharge of its service tax liability. Discuss. It may noted that entirely transactions of purchase and sales event of foreign currencies were uniformly for a sum of Rs. 1,00,000 per transaction. Ans. : M/s ABC MONEY Expression Ltd.

shall fall under Banking & other financial service The value of that service shall be computed as per Rule 2B of the supporter Tax (Determination of apprise) Rules, 2006 as follows- Sale of US$ & GBP : appraise = (Selling Rate RBI Rate) x Units of foreign currency sold, i.e., Value ! = (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 : Value = (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 reference rate is not available, hence, Value = 1% of the earn amount of Indian Rupees provided or...If you want to stomach a salutary essay, order it on our website: OrderCustomPaper.com

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