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Bank ac

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(Querist)
12 June 2012 1.is there any rule or act that a sole proprietor should must have current ac of bank ?

2. is savings ac also legal for small business transactions?
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
12 June 2012 There is no such type of rule that a sole prop must have a Current account in bank. only to facilitate the business we can open the account.
no condition of saving account also. But if there is no bank account then you will pay only cash then income tax problem will be created. like this. so mandatory no
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