Payment to Vendors
This query is : Resolved
10 January 2025
Hello Sir,
Can a person make payment to vendor from his savings account, if he is proprietor. Please advise.
Thanks
Gurvinder Singh
Can a person make payment to vendor from his savings account, if he is proprietor. Please advise.
Thanks
Gurvinder Singh
10 January 2025
While it is common for proprietors to eventually open a separate business account for better financial management, organization, and tax purposes, there's no legal requirement to do so initially. Therefore, using a personal savings account for business payments is acceptable. Although it's legally permissible, for clarity, organization, and professional management, it's advisable to consider opening a separate business account. This can help in tracking business expenses, managing cash flow, and simplifying tax filing.
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