I am an Engineer working as a Freelancer, is a current account required if the annual gross receipts are below 15 lacs under 44ADA ?
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Freelancer Current account
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Quick Summary
No — under income tax law (Section 44ADA) in India, if you are a freelancer/professional with annual gross receipts below the prescribed threshold (₹50 lakh/₹75 lakh if cash receipts are ≤5%), you are not legally required to maintain detailed books of account or get them audited just because of tax compliance under 44ADA. That means there’s no statutory requirement to have a current account solely for 44ADA compliance if your gross receipts are below the limit.
Thanks for your reply Sir. A person working at the bank said that savings account is only to be used for personal expenses and suggested for a current account
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