20 August 2020
SIR Q.NO.1 I Know that the proprietor need not open separate bank account for his business in his trade name of business. How ever, I want to keep the business transactions in separate account on my trade name. Can I do it sir? Q.No.2 I expect the turnover above 50 lac in this financial year. Which ITR return to be filed? Q.No.3 Some of my customers give cash for his purchases maximum as they are mostly buying for his own use. Any restrictions are there? guide me plz thanks in adv
20 August 2020
Sankar ji, 1. You can do it. 2. ITR 3 or ITR 4 subject to your actual turnover and maintenance of books of accounts. 3. Please refer to Section 269ST of Income Tax Act, 1961.
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