Cracks

1 Q. M/s first rudiment cash extract Ltd., is an authentic money changer registered low FEMA 1999. It expects to tape into the following exploit of money changing: (a) change 10,00,000 US$; and 1,00,000 GBP. grease ones palmsd 9,80,000 US$; and 94,000 GBP. (b) Sold 50,000 social social units 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$; (d) Selling poses for foreign currencies by M/s ABC gold Express Ltd., : 1 US$ = Rs. 40; and 1 GBP = Rs. 80; and I unit of specie 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 several(a) 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 taxable expediency under sect ion 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 scheme for discharge of its service tax liability. Discuss. It may noted that wholly 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 go The value of that service shall be computed as per Rule 2B of the profit 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 flagrant amount of Indian Rupees provided or...If you want to stomach a enough essay, order it on our website: OrderEssay.net

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