TMI BlogRate of Exchange - Section 67AX X X X Extracts X X X X X X X X Extracts X X X X ..... A Company has entered into an agreement with a foreign company on 25th June 2012 to provide certain services, for which monthly invoice will be raised (IN USD) on first day of following month. This a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greement is for calender year 2012. As per Section 67A , rate of exchange will be the rate in force at the time of service provided or agreed to be provided. So in the above case whether ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te of exchange of 25th June 2012( date of agreement) will be used for whole of the service period or the rate on the date of invoice will be exchange rate. - Reply By Surender Gupta - The Repl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y = Since the agreement in question is for continuous services and for which monthly Invoice is required to be issued, the rate of foreign exchange would be as applicable on the date of Invoice. Howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver, in case advance is received, than rate of exchange is as applicable on the date of receipt of advance. Here, the term agreed to the provided is not to be taken as date of agreement for future s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervices for neither invoice has been raised nor any payment has been received. In my view Provisions of section 67A are required to be read with POT rules, 2011 as amended. - Rate of Exchange - Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 67A - Query Started By: - Sanjeev Sharma Dated:- 29-6-2012 Service Tax - Got 1 Reply - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Manage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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