Question

When the due date is a public holiday, then which day will be the due date?
A.Next business day
B.Preceding business day
C.Last business day in the same week
D.Same day

Answer 1

Hint: To answer this question we should know some terms of economics like due date. We know that the due date is the date on which the taxes are to be submitted. So we have to answer if the due date is a holiday or rather public holiday then when a person will pay the taxes.

Complete step by step solution:
Given that, if the due date is a public holiday like generally Sundays or any Jayanti, or republic day or Independence Day etc.
In this situation we will declare or it is considered the preceding day as the due date day. That is the day before that day on which coincidentally due date and public holiday is combined.
Thus option B will be the correct option.
If January 26 falls on a public holiday then January 25 will be the maturity date.
Same day will never be the correct option because on holiday; banks are off.
So, the correct answer is “Option B”.

Note: We will note some instalments when the taxes are paid.
First Instalment- by 15th June every year you have to pay 15% of tax liability.
 Second Instalment- by 15th September you have to pay 45% of tax liability.
Third Instalment- by 15th December you have to pay 75% of tax liability.
The fourth Instalment- by 15th March you have to pay 100% of tax liability