I am a small labour contractor from Goa. I generally work in the construction line, I get small contracts and I hire some unskilled labours to do the work. I employ them on the basis of daily wage and their numbers depended on the size of the contract. I did all these transactions from cash, but recently, i have started using my bank account for these kinds of transactions.
My question is : Is there any hassles or difficulties if I choose to continue using my savings banks accounts or do you recommend using a current bank account by registering my business.
And will I have to bear additional tax liability on that amount?
Jan. 22, 2018