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.
6 Replies
RAJA P M
("Do the Right Thing...!!!")
(128111 Points)
Replied 25 April 2020
Yes... You can receive payments through Your personal savings account. But, better to open business account
akshay Kumar
(137 Points)
Replied 25 April 2020
Yes you can do business transaction from your savings account.....there is no restriction
CA Kratanshu Gupta
(Chartered accountant)
(290 Points)
Replied 26 April 2020
No restrictions but you should maintain separate bank account to avoid mugup the personal saving account entries with the books of account
Prasad kale
(13 Points)
Replied 26 April 2020
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.
CA Altamush Zafar
(GST Consultant)
(15986 Points)
Replied 26 April 2020
It is better to add the account in which you are receiving payment in your GST profile
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