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of <h1>Understanding 'Date of Payment' in Point of Taxation Rules 2011: Book Entry vs. Bank Credit Explained</h1> The 'date of payment' under the Point of Taxation Rules, 2011, is defined as the earlier of the date when the payment is recorded in the books of accounts or credited to the bank account of the taxpayer. However, if there is a change in the effective tax rate or a service is newly taxed between these events, and the bank credit occurs more than four working days later, the date of payment is the bank credit date. Additionally, if any rule requires determining the payment date, it refers to when the payment is received.
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