Dear sir,
Please let me know can i take payment on personal saving account as i am proprietor of the firm or is it mandatory to take payment on firms account. I have not opened the firms account yet because m just starting business.
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Payment received on Propritor Personal Saving Sccount.
Replies (6)
Yes... You can receive payments through Your personal savings account. But, better to open business account
Yes you can do business transaction from your savings account.....there is no restriction
No restrictions but you should maintain separate bank account to avoid mugup the personal saving account entries with the books of account
Thanks all of you. well, I am going to receive maximum 1 or 2 trasactions on my personal account so i think it is okay in initial stage.
Yes... Okay.
It is better to add the account in which you are receiving payment in your GST profile
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