Can I receive business payment in my Savings bank a/c
This query is : Resolved
Quick Summary
06 July 2022
I am sole proprietor of my firm.
I don't have upi enabled in my current account .
That is why some of my customers(due to ease) directly deposit business payment into my Saving bank a/c via UPI transactions.
Is accepting such business payment in saving bank a/c legal and allowed?
If yes,is there any limit upto how much amount of such business UPI payments can I accept ?
I don't have upi enabled in my current account .
That is why some of my customers(due to ease) directly deposit business payment into my Saving bank a/c via UPI transactions.
Is accepting such business payment in saving bank a/c legal and allowed?
If yes,is there any limit upto how much amount of such business UPI payments can I accept ?
CA R SEETHARAMAN
(Expert)
07 July 2022
Yes, you can accept some payments. No limits.
CA Puja Sharma
(Expert)
07 July 2022
Yes, you can accept the payment in a saving bank account. Kindly account for those receipts in your business books.
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