Hello Sreekanth
I have been following your blogs for some time now and it is very interesting.
My query is that: my customer deposited Rs. 5 Lacs in my saving account via electronic mode.
Is there any problem from tax department because it is business income.
Can we deposit the business income in saving account, if no, then why not?
3 Answers
Hi,
It is allowed. But to keep the sanctity in-tact, better to maintain the business transactions in Current Account.
You may have to include this transaction while doing the auditing or accounting of your transactions for tax return.
Thanks for the reply. Now what is the accounting treatment in personal books of accounts and in business books of accounts.
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