About the doubt on the guarantee fee payable..
This query is : Resolved
06 August 2012
Please reply me...
In the guarantee agreement document it is said that:
In consideration of its guaranteeing the obligations of borrower in respect of the said loan and Guarantee Agreements, the borrower undertakes to pay the Guarantor on 1st April each year a guarantee fee of 1.20% p.a. on the principal amounts of the loan withdrawn and outstanding plus the interest outstanding, on 31st March every year from time to time until the entire principal amount of the loan and the interest and other charges thereon have been repaid. Any default in the payment of prescribed guarantee fee would entail a penalty equivalent to double the rate of guarantee fee for the period of default.
Query is
1.What is the due date of payment of Guarantee fee for the F.Y.2011-12 and on which date's loan outstanding is taken for calculation of fee for the F.Y.2011-12?
2.If the payment is made on 28.03.2012 for the F.Y.2011-12, Number of days of default ........?
help me please......
In the guarantee agreement document it is said that:
In consideration of its guaranteeing the obligations of borrower in respect of the said loan and Guarantee Agreements, the borrower undertakes to pay the Guarantor on 1st April each year a guarantee fee of 1.20% p.a. on the principal amounts of the loan withdrawn and outstanding plus the interest outstanding, on 31st March every year from time to time until the entire principal amount of the loan and the interest and other charges thereon have been repaid. Any default in the payment of prescribed guarantee fee would entail a penalty equivalent to double the rate of guarantee fee for the period of default.
Query is
1.What is the due date of payment of Guarantee fee for the F.Y.2011-12 and on which date's loan outstanding is taken for calculation of fee for the F.Y.2011-12?
2.If the payment is made on 28.03.2012 for the F.Y.2011-12, Number of days of default ........?
help me please......
Amol S Joglekar
(Expert)
06 August 2012
Chronologically speaking, financial year 2011-12 guarantee fee shall fall due on 1/4/2012. It will be calculated on the balance as on 31/03/2012. For 28/3/2012, there need not be any penalty. How can guarantee fee be ascertained unless the balance as on 31st March is found out.
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
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Capitalgain tax purposes for valuation report compulsory
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- GST on Renting godown to KFCSC for Storage of Raagi
- TAX AUDIT ON PROFESSIONAL INCOME
- Oct 2025 Invoices
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Under marginal scheme
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
