Maan Singh (Assistant Manager Accounts) (79 Points)
09 July 2016Dear 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
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 21 September 2016
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.
CAclubindia
