I have recently opened a Current A/c in my Sole Proprietorship name. I use to issue GST invoice mentioning this current a/c.
Can I withdraw the business profit from this sole prop. current a/c for my personal expenses. Kindly guide me
Abhijit Ghosh (Self Employed) 27 March 2020
I have recently opened a Current A/c in my Sole Proprietorship name. I use to issue GST invoice mentioning this current a/c.
Can I withdraw the business profit from this sole prop. current a/c for my personal expenses. Kindly guide me
SHIRISH PAWAR, 7738990900 (Advocate) 27 March 2020
Dear querist,
As per me you can withdraw profit from current account for personal use. Please consult with your chartered accountant.
Regards,
Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 28 March 2020
| Originally posted by : Abhijit Ghosh | ||
 |
Can I withdraw the business profit from this sole prop. current a/c for my personal expenses. |  |
1. IF you do not withdraw the Profits from your business account, THEN it means that Profit must remain their permanently, which further means that there is no point in doing business, if you cannot withdraw the Profit. Surprising Logic and more Surprising question !!!!
Keep Smiling .... Hemant Agarwal
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