Using saving a/c in proprietor ship firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2015
Dear experts,
can proprietor of proprietary firm use his saving a/c in business transaction. if no plz explain what may be further consequences.........
thanx & regard
Nidhi Gupta
can proprietor of proprietary firm use his saving a/c in business transaction. if no plz explain what may be further consequences.........
thanx & regard
Nidhi Gupta
CA. Lohith Jagadeesh
(Expert)
21 September 2015
Hi, There should not be any problem to use SB A/c for Business transactions, However there are certain restrictions / limitations from the banks end like (1) The Limitation of Cheque Amount { Eg. in SBI its RS. 10 Lacs } (2) The Limitation on Internet Banking Transaction Amount. Etc
If the Transactions are in a limited way there should not be any problems.
Regards
If the Transactions are in a limited way there should not be any problems.
Regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
