Foreign exchange income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 June 2015
Sir,
A hotel converts foreign currency for foreign visitors to its hotel at the time they arrive and later get those foreign currency converted through Centrum.
Meanwhile, It generates income by paying less home currency and getting more of it through conversion.
Is this allowed?? Is Service tax payable??
A hotel converts foreign currency for foreign visitors to its hotel at the time they arrive and later get those foreign currency converted through Centrum.
Meanwhile, It generates income by paying less home currency and getting more of it through conversion.
Is this allowed?? Is Service tax payable??
21 June 2015
Yes it is allowed. No service tax applicable on conversion gain as it is not due to any rendering of service. But service tax applicable on any charges levied on such conversion.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- DIN reactivation
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- GST rate and HSN code for sale of racing horses
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
