What account should I use for expenses (India)
My company is structured as a LLP and has a current account in its name. But most of the freelancer websites, do not accept a debit card for making payments. ie. They require a credit card (I don't have one in the name of the company) So any expenses made for the company are not flowing through my Current Account, but my personal credit card account.
When I do it from my personal CC, I can't classify it as a valid company expense.
Any Indian Indie hackers, how do you route your payments for your expenses (for infrastructure & free lancer costs) ??
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Even if you pay from your personal CC, you can get deductions of those expenses on your ITS as long as you account for them properly and maintain proper evidence of the same.
As an update, for the lone rider who chances upon this post --
Once you register yourself via the MCA, your email gets added to the marketing list of all the banks. And you will be bombarded via emails for their startup/small business offerings.
While I opened my account with ICICI Bank. (They have some offering where you can keep zero-balance in the account for 6-months.)
My mistake was not setting the limits via the dashboard. That means, you need to specify the limit of spending on your card, for internet banking, for ATM withdrawal etc.
...and submitting a copy of the (company's) PAN card to the bank.
Can you open one more business bank account, get a credit card, and use it instead?
I didn't apply for a credit card. I believe current accounts have a CC (cash credit) facility. For which you need to apply for a working capital loan.
I am not sure of the process for acquiring a credit card for a business account.