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Can a proprietor take money in his saving account?

Anshu (Student) (96 Points)

28 June 2017

I have a query. I am a website developer and 3 candidates work in my office (I am the proprietor). Can i accept payment in my Saving Account?

Thanks

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5 Replies

(Guest)

Yes.

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Poltu Ghosh (Job) (1865 Points)
Replied 29 June 2017

Without any problem.....

CA Rick N (Founder) (67 Points)
Replied 29 June 2017

That should not be a problem. Please ensure that you keep proper records between personal and professional transactions as it will need at the time of Income Tax filings.

Hope that helps

https://www.simplepassive.com/

CA Rick N (Founder) (67 Points)
Replied 21 September 2018

Yes, without any problems. Agree with Rick that you should keep proper records between personal and professional transactions in case of an IT query.

Mitesh

Tax Advisor Kandivali Mumbai

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Ritesh Singh (Student CA Final / Tax Consultant) (42 Points)
Replied 17 February 2025

Now adding some points in this question :-

Suppose Proprietor is also a full time employee in a company and receiving Professional income from some other companies also. 3 persons are working in his proprietorship firm.

Whether proprietor can receive professional income in his saving account (TDS also deducted under respective section) ?

Please refer any case law also. that will be more helpful.