Current account
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2017
why sole proprietors in India use a current account for their business, rather than a savings account, to avoid interest.
I don't understand why — if you account for the interest properly and pay tax on it, it shouldn't be a problem, right? I won't have a transaction every day on this account, so a savings account should be fine. I see no reason to refuse the interest if I can earn it
i am a medical professional.should i need current account ?
..
I don't understand why — if you account for the interest properly and pay tax on it, it shouldn't be a problem, right? I won't have a transaction every day on this account, so a savings account should be fine. I see no reason to refuse the interest if I can earn it
i am a medical professional.should i need current account ?
..
17 September 2017
Yes. You need a Current Account...
SB account is individual (own) purpose not business purposes. Also some limits are restricted in SB account....
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