Opening of saving bank account
This query is : Resolved
27 December 2016
Sir,
I have business in my personal name. I want to open current account with the bank for my business purpose. I want to ask if I want to use my SB account what is problem in it for me ? what problem bank have if I use my SB account for business purpose, as per prevelling income tax laws and other statutory guidelines. Pls advise
Thanks & Regards
M L Meena
Dausa
I have business in my personal name. I want to open current account with the bank for my business purpose. I want to ask if I want to use my SB account what is problem in it for me ? what problem bank have if I use my SB account for business purpose, as per prevelling income tax laws and other statutory guidelines. Pls advise
Thanks & Regards
M L Meena
Dausa
27 December 2016
Bankers will freeze your savings if it is used for business. Cash deposits in excess of 10 lacs in savings ac will be reported to income tax. So open current ac and use it for business.
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