Company bills paid by director credit card
VIKASH (DIRECTOR) (80 Points)
07 February 2014VIKASH (DIRECTOR) (80 Points)
07 February 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 07 February 2014
This practice must be stopped at once. The AO will treat the receipt of reimbursement from the compay into the personal account of the director as his own income and will be taxed. Also not use director's personal credit card to pay bills of the company. Very wrong. The director will get an IT notice.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India