Can we take credit card details in the books of accounts
durgaprasad (accounts executive) (225 Points)
28 April 2017durgaprasad (accounts executive) (225 Points)
28 April 2017
CA Neha Agrawal
(CA)
(830 Points)
Replied 28 April 2017
As credit card is used only for personal purpose, disallow the expenses for payment towards the card. Showing it as drawing will reduce the capital invested in the business. There is no issue in disclosing your credit card account in the return.
durgaprasad
(accounts executive)
(225 Points)
Replied 28 April 2017
If any problem arise when we undisclosing the credit card details in the IT return
SUNEEL KUMAR
(Sr. Accounts & Finance Executive)
(163 Points)
Replied 29 April 2017
Treate all the transfer amount as drawing & his capital amount will decreased with same amount.
But if some of amount has spent for business purpose then count same amount in capital account & capital will be incresed.
durgaprasad
(accounts executive)
(225 Points)
Replied 29 April 2017
thank you for your prompt resonse and valuable suggestions
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