Menu
Business income in savings account
Sir
A person has business income from trading in clothes and has a turnover of under 10 lakhs
I want to know if he is required to open a current account and also register the firm or he can continue to deposit income from business into savings account every month
Replies (1)
Earnings are deposited into savings account, but no business transactions carried over it. OK, but all your business transactions are on cash basis, and on smaller scale, so difficult to prove whenever asked for. Even some states have VAT liability arising from 5 lakhs turnover, so check that.
If you want to expand your business from current level, its advisable to make it in proper form.
Recent Threads
- Can I claim benefit under 54F if I sell my equity
- Income tax refund 25/26
- Who is responcible to pay GST Liability (If Servi
- Excess Payment on RCM
- AOC4 auto population of previous year data
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
Related Threads
CAclubindia
