Hi Folks,
My father-in-law runs a small mill. I pay electricity bill of the mill through my credit card and when due date of my card payment comes.My father-in-law submits cheque of the same amount into my savings account. The Cheque is issued from the account on the name of the mill.
Generally the electricity bill payments are around 1-1.5 lacs every month. Is everything that we do is correct ? I generally fear that somebody might come tomorrow and ask me regarding cheque payments into account.
Please help.
CAclubindia
