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Is current account compulsory?
Is current account compulsory for charging income under section 44AD of income tax.
As I have income from business and I show my income under section 44ad on presumptive basis but I don't have a current account I do my all transactions from my savings account.
thanks in advance
suchinder
Replies (3)
Hi Suchiner,
No, current account is not compulsory.
Regards,
Devanand
Thanks sir,
That mean I can figure out my total turnover from my savings account and A.O will not raise a query for having a saving account for business purpose
Yes Suchinder you can, no need to have current account for business.
Regards,
Devanand
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