ABHINANDAN JAIN (CA Student) (886 Points)
29 July 2013what are the tax implications of making a payment through Credit Card for myself or on behalf of others
If say paid on behalf of other (say Mr. X) and get cash from him (i.e. Mr. x) then what liability would arise on me and also what if i take cheque..?
Akash
(CA Final (2nd Group Pending))
(876 Points)
Replied 29 July 2013
CA Ajay Patel
(Chartered Accountant)
(46 Points)
Replied 29 July 2013
Tax implications depend upon the nature of payment you make. If it is an expense, you can very well book it in your books of account (if having an IFB or IFP) or else it will be your drawings. If it is swiped for someone else, the subsequent receipt would be a reimbursement.
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 30 July 2013
Nature of payment is : Online payment of registration fees for courses like Intl CFA which takes place in dollar...?
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