Payment on behalf of client
This query is : Resolved
17 February 2012
our co. had made a payment of rs 5.50 lacs on behalf of our client ,as a membership fees of golf club, how to deal with this entry and under wht head, any decided case law
Maninder Jain
(Expert)
18 February 2012
You can show this amount as recoverable from your client under " Current Assets"
18 February 2012
but this amount is not recoverable in future? then what to do?
Maninder Jain
(Expert)
20 February 2012
Expense off this. I dont know whether it is allowable as deduction in your ITR
Guest
Guest
(Expert)
02 March 2012
In case the expense is related to promotion of business then transfer to business promotion expenses. In many cases corporates gifts membership fees of clubs, gift vouchers, etc with aim to impress & build strong relation with clients/ custmores.
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