Payment through cheque

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Rakesh KUmar (Querist)
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14 May 2013 i make a payment to a party on date 10th may 2013 but cheque was presented before the bank for payment on 14th may 2013 and also it was cleared on the 14th may 2013. on which date should i record the same in my books? please give ref of your answer i.e. according which acts of income tax

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 May 2013 Accounts need to be maintained day to day basis. cheque clearing date only used for doing Bank Reconciliation statement only. you need to enter the transaction on 10th May 2013 itself in your books

Anand

Anand (Expert)
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15 May 2013 Agreed with above

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