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Company bills paid by director credit card
Tel bills / electricity bills / railway tickets / - these company expenses if paid by the director by his credit card & after 30/40-days on credit card payment due date company makes payment of these to director bank a/c so that he can pay his cr card bill from his bank a/c - IS THIS TXN WRONG ( OR can ito treat them as personal exp & disallow them)
Replies (1)
This practice must be stopped at once. The AO will treat the receipt of reimbursement from the compay into the personal account of the director as his own income and will be taxed. Also not use director's personal credit card to pay bills of the company. Very wrong. The director will get an IT notice.
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