What is the date of receiving money in case of cheque payments?

Tax planning 629 views 5 replies

For a person like me following cash system of accounting, please advice me regarding what needs to be considered as the "date of receipt of money" in case of a payment which i received via cheque. See the case below:

 

Date of issue of cheque (by the issung company):01-03-2019

Date i received the cheque: 26-03-2019 (Citi bank cheque)

Date on which i presented the cheque at my branch (SBI): 30-03-2019

Date on which money gets credited in my account: 02-04-2019

 

Which amongst the above date is the date i have to show as the "date of receipt of money" when i am following a cash system of accounting?

Replies (5)
Date on which money gets credited in your account : 02-04-2019 i.e. considered the date of payment.
since money gets credited in 02.04 as chq was deposited on 30.03 so 30.03 us to be considered as receipt date since you are showing it in your books on 30.03

Date if receipt should be considered, as the receiver may take its own time to present it in Bank!!

There is no book.... I follow 44 ADA. I don't have any book. There will exist no record with me in future as to when I presented the cheque. My bank account will show a credit on 02-04-2019

If TDS deducted in March, better to credit the same in March itself.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details