04 May 2020
dear sir i am a Gst registered proprietorship.my trade name is - Arif fabricator and also bill book is in the name of Arif fabricator. but my name is arif ansari and bank account is also my name "Arif ansari" . I sell goods to pvt ltd company he gave me cheque in the name of Arif fabricator but i have not the account of this name. when i said the gave me cheque in the name of Arif ansari he denied he said in account this is not possible. is it right ?
04 May 2020
No, it's possible in view of proprietorship concern. PAN will be in the name of proprietor only. No bank account can be opened in the name of proprietorship.
05 May 2020
Proprietary firm whose proprietor pan is used in the transactions, hence no need of separate pan of firm. You may deposit your cheque in the branch where your account is being operated.
08 May 2020
Yes proprietorship firms have to face such kind of issues. It is better to open a current account in the business name close the issue once for all. Business will not be issuing cheques in personal names even if they are owners and sole proprietors of the firm. They like to have the cheques issued in the name of legal name of the business organisations only.
14 May 2020
thank you so much for reply my query . as per you advice/reply i will opened a current account and same deposited cheque into this account. this is the permanent solution.
14 May 2020
thank you so much for reply my query . as per you advice/reply i will opened a current account and same deposited cheque into this account. this is the permanent solution.
CAclubindia
