Can I use personal credit card for Business purpose?

POSTED BY Ilyas ON March 5, 2014 12:21 pm COMMENTS (3)

I am running a business and due to no finance support, I am using my personal credit cards to support my business. I want to know how to show these transactions in my personal tax returns to avoid any issues in future. We are making the payment direct from the company to the credit card account. Is there is any way to report to Income tax department about the same usage and I am personally not getting any profit to it. Highly appreciated your help.

3 replies on this article “Can I use personal credit card for Business purpose?”

  1. ashalanshu says:
    March 6, 2014 at 1:59 pm

    Dear Ilyas, in my personal opinion, if you do have proofs for the transaction made on your credit card, there should not be any problem. If you are worried for AIR related thing that more than 2L Rs. expenses in a FY on Credit card can be asked for clarification, well, you should have proof for it. That’s it.

    To be on safer side, you may discuss this issue in details with a CA or Tax advocate.

    Thanks

    Ashal

    Reply
  2. Ilyas says:
    March 6, 2014 at 1:12 pm

    Yes, Business is a Partnership firm and I am filing separate ITR for company & personal.
    Appreciated your support.

    Best Regards,

    Ilyas

    Reply
  3. ashalanshu says:
    March 6, 2014 at 12:54 pm

    Dear Ilyas, the business in question is a Proprietery business or partnership thing? Are you filing separate ITR for your business/company?

    Thanks

    Ashal

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.