Can company Director or share holder (Director's Relative) make payment of Electricity Bill / Telephone Bill though his Credit Card and take reimbursment from company. Is thier is any issue will stand form both i.e. company and Individual by Income Tax.
1 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 12 November 2014
Not a good idea. When the company reimburses the director toward the expenses incurred but paid by the director, IT will consider the credit in director's bank account as his income. They may open his IT file to seek more info.
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