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business turn over is 8 lakh per annum can i operate business with saving account

Lokesh Chaturvedi (8 Points)

27 December 2018

my business turn over is 8 lakh per annum can i operate business with saving account

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3 Replies

CA Urvi Gandhi (.) (347 Points)
Replied 27 December 2018

If its a Sole Proprietory firm, you can operate with Savings account. However, since savings account have limitations on withdrawals, people generally prefer opening current account

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Vinod lalwani (28 Points)
Replied 27 December 2018

Current account belongs to business, you are businessman. Better to make a difference.

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naveenboy72@gmail.com (29 Points)
Replied 27 December 2018

u can operate it with the same
but if single TXN more than 100ⁿ000 then bank will report to IT DEPARTMENT then it's create some issues...so better CC/CURRENT A/C