Easy Office

Usage of Third party Bank Current Account for business purposes

This query is : Resolved 

11 December 2023 One of my client is carrying on trading business, he uses his friend's bank current account for deposit of his sales collection and also for suppliers payments.
Please advice the legal consequences on Income Tax point and also advice on the necessary audit qualification on the same.

Thanks in Advance

15 January 2024 This does not seem to be a good practice. The Business and current account should be in the same name. It will create problems in Filling ITR for the friend mentioned here and the business.



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