Sole proprietorship
This query is : Resolved
22 November 2016
Can a sole proprietor open a joint savings ac with his wife for all business transactions. while his wife is the first ac holder and the proprietor himself is the second ac holder. what action can be taken against him by IT Dept.
22 November 2016
The bankers will freeze the savings ac operated for business transactions.
22 November 2016
Thanks for your timely reply. sir is there any particular rule that prevents persons from conducting business transactions in saving account.
04 November 2021
There is no rule in IT act, but banks do not allow business transactions in savings account.
Different banks have different limits in such transactions.
Different banks have different limits in such transactions.
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