Businee bank acoount and personal bank accout

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girigattupalli (Querist)
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01 November 2011 respected sir
please any one may clarify about difference between business bank accout and personal bank account from the point view of income tax act.
thanks in advance
giri gattupalli

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 November 2011 Normally, bankers do not allow customer to issue unlimited number of cheques from savings account of the account holder. In a Business, a person may have to pay "n" number of cheques. For that he has to open a current account.

Income Tax Act does not differentiate the transactions of Bank Accounts. It welcomes all bank account transactions with the similar warmth.

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