Can a proprietor take money in his saving account?

Tax queries 768 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

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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.


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