Account Current (PLA)
Querist : Anonymous
I have Nil Balance in PLA as on 29th April 2010 and i have to pay Rs.99000/- (please ignore cess portion here) Duty. Duty liability for the month of April 2010 is Rs.99000/-. I deposited duty of Rs.1 lac on 4th may 2010 {(Date of payment from bank is 6th may 2010) (As law permits me to pay the duty up to 5th of the next month)}. Please tell me what will be the status on 30th April 2010. In my opinion I can not show payment entry on 30th April 2010 as the balance of PLA can not be -ve on 30th April 2010. When I should reflect debit and credit entries in PLA i.e discharge of duty liabilty on 30th April 2010 or on 4th may 2010 or on 6th May 2010.
Note : I have to enclose copy of PLA and GR-7 with the hard copy of ER-1, which is to be submitted with the Range.
In short, you have paid late payment for the month of April-2010 by One day, for which you to pay Interest @13% p.a.
Secondly, You may account said paid entry of Rs.99,000/- in the month of April-10.Mention the narration as "Duty payment for the m/o.-April-10" and prepare the Abstract and submit to Range along with ER-1 Return.
Regards,
Kishor
Querist : Anonymous
Regards
Kishor
1)Firstly you can enter the Credit entry on 30th april 2010, stating that TR6 challan no. deposited on 04/05/2010
2)Then you can enter the debit entry on 30th april, stating debit for the month of April 2010
3)Kindly also note that there is no delay in payment, as date of deposit is considered, not the date of clearance. You can ask your banker to write on the challan the date of deposit and give it to you.
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