Using saving a/c in proprietor ship firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2015 Dear experts,
can proprietor of proprietary firm use his saving a/c in business transaction. if no plz explain what may be further consequences.........

thanx & regard
Nidhi Gupta

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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21 September 2015 Hi, There should not be any problem to use SB A/c for Business transactions, However there are certain restrictions / limitations from the banks end like (1) The Limitation of Cheque Amount { Eg. in SBI its RS. 10 Lacs } (2) The Limitation on Internet Banking Transaction Amount. Etc

If the Transactions are in a limited way there should not be any problems.
Regards