Introduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2013
Service doesn't include -
transaction in money and actionable claims.
Can you please explain to me those two terms?
Thank You
transaction in money and actionable claims.
Can you please explain to me those two terms?
Thank You
18 April 2013
1 Mere transaction in money or actionable claim
¨ Mere transaction in money or actionable claim is not service – section 65B(44)
¨ Any legal tender (Indian or foreign currency) is ‘money’
¨ Transaction may be by cash, cheque, promissory note, DD, LC, money order, electronic transfer
2 What is mere transaction in money
¨ Loans, deposits, repos, reverse repos , Commercial Paper, Certificate of Deposit is mere transaction in money
¨ Forward Contracts in commodities and currencies
¨ Future contracts
3 Other non-taxable services
¨ Actionable claim i.e. claim of unsecured debts or beneficial interest in movable property, is not service
CA Gorav Kumar Goyal
9910357301
¨ Mere transaction in money or actionable claim is not service – section 65B(44)
¨ Any legal tender (Indian or foreign currency) is ‘money’
¨ Transaction may be by cash, cheque, promissory note, DD, LC, money order, electronic transfer
2 What is mere transaction in money
¨ Loans, deposits, repos, reverse repos , Commercial Paper, Certificate of Deposit is mere transaction in money
¨ Forward Contracts in commodities and currencies
¨ Future contracts
3 Other non-taxable services
¨ Actionable claim i.e. claim of unsecured debts or beneficial interest in movable property, is not service
CA Gorav Kumar Goyal
9910357301
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