Savings account or current account.
This query is : Resolved
08 August 2015
Hi,
My mother is a Housewife and recently she has started a car rental business with uber cabs, even tough she has obtained the ghumastha for purchasing a T-permit car but she has not opened a current account yet. Any earning she gets from uber goes into her savings account. I have 2 queries
1) Is is compulsory to create a company current account?
2) Can she file ITR as individual (ITR4) or she needs to file as acompany?
My mother is a Housewife and recently she has started a car rental business with uber cabs, even tough she has obtained the ghumastha for purchasing a T-permit car but she has not opened a current account yet. Any earning she gets from uber goes into her savings account. I have 2 queries
1) Is is compulsory to create a company current account?
2) Can she file ITR as individual (ITR4) or she needs to file as acompany?
Amol S Joglekar
(Expert)
08 August 2015
01. Not really. You can continue with savings account, No issues. In earlier days, savings account used to be TRANSACTION number based and hence bank managers used to ask for opening current account. Another reason was current account used to be NO INTEREST generating account from Bankers view point.
02. She can file the rerturn as individual as she is doing the said business in her name and not any COMPANY name.
02. She can file the rerturn as individual as she is doing the said business in her name and not any COMPANY name.
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Amol S Joglekar
(Expert)
08 August 2015
01. Not really. You can continue with savings account, No issues. In earlier days, savings account used to be TRANSACTION number based and hence bank managers used to ask for opening current account. Another reason was current account used to be NO INTEREST generating account from Bankers view point.
02. She can file the rerturn as individual as she is doing the said business in her name and not any COMPANY name.
02. She can file the rerturn as individual as she is doing the said business in her name and not any COMPANY name.
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