Savings account or current account.

This query is : Resolved

Harshit (Querist)
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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?

Amol S Joglekar

Amol S Joglekar (Expert)
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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.

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Amol S Joglekar

Amol S Joglekar (Expert)
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Savings account or current account.

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