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Accounting

A/c entries 145 views 1 replies

Maan Singh

Assistant Manager Accounts

79 Points Joined October 2011

Dear Exprets,

Please let me know it is correct way.

Our COO making some payment from his personal account through Debit Card/Credit Card/net baking for our company and we credit this amount in his account and paid once in a month to him.

Is there any objection may be form ITO in this case or there is no objecton.

Regards

Maan

Replies (1)

V P Narasimhan

Accounts Manager

793 Points Joined November 2008

It is better to operate a seperate Credit Card for expenses & settle fromcompany. Becoz. if tomorrow the ITO raise an objection saying that if all the expenses are peresonal only how can we distinguish. Why unnecessary explanation. Some asseee had this experience also.