Cracks

1 Q. M/s first rudiment cash verbalize Ltd., is an authentic money changer registered low FEMA 1999. It expects to picture 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 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$; (d) Selling sets for foreign currencies by M/s ABC gold Express Ltd., : 1 US$ = Rs. 40; and 1 GBP = Rs. 80; and I unit of coin 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 various(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 gain under section 65 (105)(zm) o f the finance Act, 1994 and service tax thereon. M/s ABC MONEY Express has learnt that it can pick out for a composition avoidance for discharge of its service tax liability. Discuss. It may noted that alone 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 serve The value of that service shall be computed as per Rule 2B of the redevelopment 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 a vailable, hence, Value = 1% of the down-to-! earth amount of Indian Rupees provided or...If you want to stomach a encompassing essay, order it on our website: OrderCustomPaper.com

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