Payment received from 3rd person other than debtors

[SHAAN NISHA]

Hi Everyone,

I want to know that if I acccept payment from third person on behalf of debtor than what compliance we need to follow? and which additional document we need to maintain?

Eg. Firm Name - A Debt - B (amount 10000/) third person - c We accept payment from c On the behalf of B.

Thanks in Advance

Shan

[DR.MARIAPPAN GOVINDARAJAN]

You may get the ascertainment from B that C would pay the dues for him and get the assent of C in agreeing to pay the debt of B to you.

AI Summary

Third-party payment: obtain debtor confirmation and payer's assent to document payment on debtor's behalf for compliance. Where a creditor accepts payment from a third person for a debtor, the creditor should obtain from the debtor an ascertainment that the third person will discharge the debt and should secure the third person's explicit assent to pay; written records of the debtor's acknowledgement and the payer's agreement should be maintained as the operative documentary evidence of the arrangement.