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If properiter can use personal saving bank account for business

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Thanwar Chhatwani

19 Points Posted on 04 January 2023

if one or two bank transection are required to be done wheather prop. can use his personal saving bank account if he has not opened bank account for business in casa of small non registered gst business

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Quick Summary

For small, non-registered GST businesses, using a personal savings account for occasional business transactions is permissible. However, it is strongly advised to open a separate business bank account. This separation is crucial for maintaining clear financial records and organisation between your personal and business finances.

Sanjay

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0 Points Posted on 04 January 2023

If you are the proprietor of a small non-registered GST business, you may use your personal savings bank account to conduct transactions for your business. However, it is generally recommended to open a separate bank account for business purposes, as it can help you keep your personal and business finances separate and organized.