Is there a law to create current ac for proprietorship?
This query is : Resolved
06 July 2011
1. Is there a law which makes it mandatory to create current ac for proprietorship business?
2. Are there any issues if the savings account (of propr) is used instead?
2. Are there any issues if the savings account (of propr) is used instead?
06 July 2011
How you can use saving account of Propertor when you will receive any income or receipt in favour of Firm ?
06 July 2011
Most of our income will be in cash (collection from student registrations). Cheques will be issued by two companies with whom we can have understanding such that invoice is in name of Company, but cheque is in name of proprietor.
Do you think this will work? We would do this for the first year only while the business is very new and uncertain.
Do you think this will work? We would do this for the first year only while the business is very new and uncertain.
Guest
Guest
(Expert)
07 July 2011
You can have savings account, No problem. There is no need of current account and there is no provision for that also.
Moreover, Your savings account or current account will be merged will making income tax return.
Moreover, Your savings account or current account will be merged will making income tax return.
Guest
Guest
(Expert)
07 July 2011
You can have savings account, No problem. There is no need of current account and there is no provision for that also.
Moreover, Your savings account or current account will be merged will making income tax return.
Moreover, Your savings account or current account will be merged will making income tax return.
15 July 2011
Agree with Ankur ji, like registration of partnership deed is not mandatory but registration confers benefits accordingly for long term perspective and benefits you should open separate current account with bank.
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