12 July 2016
Dear Sir, I have hold personal Credit Card in my name.I have paid my Company bill payment like Company telephone bill, Electricity bill, booked Air ticket etc. from my personal credit card for last two years.I have paid around Rs. 8 lac from my credit card on behalf of Company bill payment.Could you please tell me shall i face any problem in future. Thanks & Regards Mukul Das
14 July 2016
If the payments are made from the personal credit card, it may be assumed as personal expenses and the expenses may be disallowed for the purpose of Income Tax. It is required to be verified whether the bills are obtained in the name of the company to prove that expenses were incurred for the purpose of company
CAclubindia
