income tax
This query is : Resolved
15 February 2011
is it compulsory to have current account for filling return for businsess income(in case of propertiorship)
or
can i deposit my business receipt in my saving account in the case i have get receipt after deducted TDS
or
can i deposit my business receipt in my saving account in the case i have get receipt after deducted TDS
Sunil Kr. Sanganeria
(Expert)
15 February 2011
If you are running proprirtoersip business in the individual name, in that case you can deposit business income in saving account. But after something the bank will ask you to convert your account in to current a/c as there is restiction of withdrawl and deposit in saving account.
But if you are running proprirtoersip business in some other name, in that case, it is compulsory to open current account in the name of firm.
But if you are running proprirtoersip business in some other name, in that case, it is compulsory to open current account in the name of firm.
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