Current account

ajay (Querist) 29 July 2014 This query is : Resolved
i am a medical professional running my small clinic on my individual name . my query is
can i make payments of medicine through cheques from my savings account or i have to open current account ?

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V R SHROFF (Expert) 29 July 2014
Medical / Dr.. being Profession, NOT BUSINESS, you need not open Current A/c.

Better consult your local CA, Tax Consultant. He may suggest, for better a/c system, to avoid complication of black/ white, as your income is all in CASH, and u r not likely to show your correct income for Income Tax Purpose, like we Advocates!!!.

Do it Professionally, being in Profession, not businessman..

ajay sethi (Expert) 29 July 2014
consult your CA

Guest (Expert) 29 July 2014
Current account is mostly opened by business houses to entertain frequent transactions of receipts and payments on daily basis. If you don't have to make frequent transactions to entertain multiple cheque/cash transactions of receipts and payments on day-to-day basis, you need not have any current account.