income tax

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lucky (Querist)
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15 February 2011 is it compulsory to have current account for filling return for businsess income(in case of propertiorship)
or
can i deposit my business receipt in my saving account in the case i have get receipt after deducted TDS

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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15 February 2011 If you are running proprirtoersip business in the individual name, in that case you can deposit business income in saving account. But after something the bank will ask you to convert your account in to current a/c as there is restiction of withdrawl and deposit in saving account.

But if you are running proprirtoersip business in some other name, in that case, it is compulsory to open current account in the name of firm.

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