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Is accepting business payment in Saving a/c right?

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Prakhar

BUSINESSMAN

153 Points Posted on 06 July 2022

I am sole proprietor of my firm.

I don't have upi enabled in my current account . That is why some of my customers(due to ease) directly deposit business payment into my Saving bank a/c via UPI transactions.

Is accepting such business payment in saving bank a/c legal and allowed?

Is there any limit upto how much amount of such business UPI payments can I accept in my saving a/c?

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Quick Summary

This discussion addresses whether it's permissible for sole proprietors to accept business payments directly into their personal savings accounts, particularly via UPI, when their current account isn't enabled. While generally legal, it's crucial to report both accounts during your Income Tax Return (ITR) filing. There may also be limits on the volume of business transactions you can receive in a savings account.