Can a proprietor take money in his saving account?

1283 views 5 replies

I have a query. I am a website developer and 3 candidates work in my office (I am the proprietor). Can i accept payment in my Saving Account?

 

Thanks

Replies (5)

Yes.

 

 

Without any problem.....

That should not be a problem. Please ensure that you keep proper records between personal and professional transactions as it will need at the time of Income Tax filings.

Hope that helps

 

https://www.simplepassive.com/

Yes, without any problems. Agree with Rick that you should keep proper records between personal and professional transactions in case of an IT query.

 

Mitesh

Tax Advisor Kandivali Mumbai

Location on Map

Now adding some points in this question :-

Suppose Proprietor is also a full time employee in a company and receiving Professional income from some other companies also. 3 persons are working in his proprietorship firm. 

Whether proprietor can receive professional income in his saving account (TDS also deducted under respective section) ?

Please refer any case law also. that will be more helpful.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
ARTICLESHIP 07 July 2026
Articleship

Jawahar and Associates Chartered Accountants

Hyderabad

CA Inter

View Details
Company
Featured 16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT, CA SemiQualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

Sahil Agarwal & Company

Mumbai

CA Inter

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details