Pls clarify

Save Share

This query is : Resolved

Praveeri (Querist)
Follow

03 April 2009 Experts,

Rule 30 of IT Rules says "amount credited by a person to the account of the payee as on the date up to which the accounts of such person are made, within two months of the expiration of the month in which that date falls" is it applicable to all calendar month of only for March.

Please clarify.

CA.Hanumantha Reddy

CA.Hanumantha Reddy (Expert)
Follow

03 April 2009 It applys only for March month.

K V Subba Rao

K V Subba Rao (Expert)
Follow

03 April 2009 Please take specific note of following part in Rule 30

"...to the account of the payee as on the date up to which the accounts of such person are made..."

The above means that facility of two months's time is available for last month of accounting year only and not for all months during accounting year

Message likes : 1 times

Praveeri

Praveeri (Querist)
Follow

03 April 2009 Thank you so much sir,

Just for arguementatory am asking If a Company is following a difference financial year then what will be the case?

CA.Hanumantha Reddy

CA.Hanumantha Reddy (Expert)
Follow

06 April 2009 That is your company policy not as per law. In this regard, the act pertain to financial year starts with First April 08 and ends with 31th March 09.
Hope your argument is salved.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now