Expenses of company from personal cr card
This query is : Resolved
23 October 2009
I spend a handful sum of money monthly thru my personal credit card for my company
i m reimbursing the same from the company every month
could there be any complication later.. wat are the things i should keep in mind
i m reimbursing the same from the company every month
could there be any complication later.. wat are the things i should keep in mind
CA. B.SRINIVASULU
(Expert)
24 October 2009
You collect from your company in the form of cheque and you should keep these records for eight years alongwith all bills and supportings.
If the amounts are huge you have to visit department for notice other than that there are not complications involved.
If you are spending this and you are part of company like director etc then you can spend, if you are only employee other that that you have no other relationship with company it is advisable to stop this type of transaction.
If the amounts are huge you have to visit department for notice other than that there are not complications involved.
If you are spending this and you are part of company like director etc then you can spend, if you are only employee other that that you have no other relationship with company it is advisable to stop this type of transaction.
Shyam Lal Naik
(Expert)
24 October 2009
Such practice very common and in vouge.
To take an example : While on official tour, the employee sattles the lodging & boarding bills and take reimbursement thereof. It does not make any difference, whether the hotel bill(to take an example) is sattled by way of cash, debit card or credit card.
Just take care to disclose the facts in your income tax return, if the transaction exceeds the threshhold limit.
To take an example : While on official tour, the employee sattles the lodging & boarding bills and take reimbursement thereof. It does not make any difference, whether the hotel bill(to take an example) is sattled by way of cash, debit card or credit card.
Just take care to disclose the facts in your income tax return, if the transaction exceeds the threshhold limit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Visiting card purchase
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
