Reimbursement
This query is : Resolved
29 July 2010
If an employee of company paying bills & other expenditures of a company thrugh his own credit card & taking the reimbursement of same from the company,Is there any problem under I.T act & Co. Act??????
29 July 2010
There may not be any problem. However, if the AO raises any query on the nature of such credits, the employee must be able to establish the fact that the amount is in the nature of reimbursement & not income. It would be advisable to maintain copies of such bills incurred on behalf of the company on which reimbursement was claimed.
Today most of the banks offer Employee Reimbursement Account (ERA) which is attached to the employees salary account and used by companies to credit reimbursement to the employees. It would be advisable to route all such reimbursements through ERA.
Today most of the banks offer Employee Reimbursement Account (ERA) which is attached to the employees salary account and used by companies to credit reimbursement to the employees. It would be advisable to route all such reimbursements through ERA.
30 July 2010
NO issues at all...you must able to prove whatever you had received is just Re imbursement of money and not your income
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
