service tax for credit card exps
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2010
A director of a ompany uses credit card for official purpose also and pvt. ltd company makes payment every month. Should the service tax charges charged in the statement by the credit card bank be debited to drawings of the director or to the company. The expenses are mostly for official purpose. Kindly guide.
07 June 2010
First of all the term drawing is used in propritor ship or partnership firm only. In case of company or other entity there cannot be word drawings.
Coming to u r question directly;
If credit card is provided by company to its director only for official use, than service tax paid will be inclusive part of expenses and company may bear the same and will be allowed as deduction, whereas director uses its personal credit card for official as well as for personal use than company may bear the service tax element to the extent apportioned to official expenses.
Coming to u r question directly;
If credit card is provided by company to its director only for official use, than service tax paid will be inclusive part of expenses and company may bear the same and will be allowed as deduction, whereas director uses its personal credit card for official as well as for personal use than company may bear the service tax element to the extent apportioned to official expenses.
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2010
Can we deduct the personal exps. as advance paid, from the salary of director,being paid monthly
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