Cheque of before due date presented after due date
Mandip nathji
(Querist) 16 April 2013
This query is : Resolved
Experts,
Plz let me know under Gujarat VAT act,If cheque issued before due date presented after due date, whether it would be a case of default? Whether Interest for late deposite to be paid in such case?
Anirudh
(Expert) 18 April 2013
Please indicate the following:
1. What is the due date for payment of tax?
2. What is the date on which the tax was paid by you?
3. Whether you paid the tax at any one of the designated banks authorised to accept such payments.
Mandip nathji
(Querist) 18 April 2013
Sir,
(1)Cheque dated 18/01/2013.
(2) deposited on 23/02/2013.
through designated bank.
Now what will be the status in such case?
Anirudh
(Expert) 19 April 2013
You have conveniently not answered my following queries:
1. What is the due date for payment of tax?
Raj Kumar Makkad
(Expert) 19 April 2013
If the cheque had been issued within its validity on the day of due date, it shall be validly treated as paid in time and no default shall be treated in that case.
Mandip nathji
(Querist) 19 April 2013
sir,
the due date of payment is 22nd of next month
Rajendra K Goyal
(Expert) 20 April 2013
Generally the Govt. departments clearly and separately mentions the day upto which the payment can be deposited by cheque and cash. If it was not mentioned,the due date was 22/2/13 and the cheque was deposited on 23/2/13 it will be considered late, However, if the due date was 22/3/13 it can not be treated as late.
Anirudh
(Expert) 22 April 2013
You say: the due date of payment is 22nd of next month. In your case, what is the next month? February, March, April, May or what? Why can't you specifically say?
Anirudh
(Expert) 24 April 2013
I am very happy. I repeatedly notice that Questions get resolved automatically, when we ask the relevant questions to the querist.
Mandip nathji
(Querist) 24 April 2013
sir,
thanks for being so gratuitous.
Anirudh
(Expert) 25 April 2013
You are always welcome.
Guest
(Expert) 25 April 2013
Mr. Mandip Nath,
Being an article clerk, it seems you are a student of CA course and the present query relates to your classroom exercise.
It also seems as if you had not been attentive in your studies, as neither you could anticipate what crucial information is missing in the question that was desired of you to assume for solving the exercise, nor you were able to provide the basic necessary information in reply to the queries of Shri Anirudh.
I put one question to you, as a trader, suppose you anti-date the cheque or keep the cheque with you for a long period till nearing the expiry period of validity of the cheque and deposit the cheque after about 2 months from the due date, would that mean you would be exempt from penalty of interest for 2 months on account of late deposit? In that case the date of issue of cheque becomes immaterial to satisfy the tax laws. The date if issue of recipt/ bank challan would be material in that case. Daye of issue is material for accounting point of view in your own books, but not for securing your faulty position where tax laws are concerned.
Better be attentive in your studies, rather than raising student queries in this forum, as through your query you have done nothing except raising contoversy for others and confusion for yourself..
Mandip nathji
(Querist) 26 April 2013
Shri Dhingra sir
I regret if it seems I raised a classroom query. but this was a query, I faced during my training. So I put this query to this forum for better clarity.
Sir I believe You experts are our teachers being much experienced and knowledgeable and this platform gives better opportunity to us for learning. So I raised this query to the forum. and I am thankful to all the experts.
Guest
(Expert) 26 April 2013
Dear Mandip,
Any query during training itself is a classroom query, on which the training instructor himself should have cleared doubts of the participants on the spot. Needless to mention, training class is a sort of face to face interaction between the instructor and participants.
So, if that was the query you faced during your training, what had been the views of your instructor, should also have posted along with your own doubt about that reply of the instructor, so that your actual doubt would have been cleared in right perspective. Otherwise, it becomes purely an academic query, which leads to several supplementary queries by the querist himself.
Mandip nathji
(Querist) 27 April 2013
sir,
I got your point. may be, the way I presented my query was wrong. next time I will keep this in mind.
Guest
(Expert) 27 April 2013
That will be fine. Even otherwise, I replied your query through my question to you in my initial reply.
