NEFT Trandfer Of Employee Salary

lokeshgrkumar
Hi,
If I transfer the salary to my employee from my savings bank account then, will that be considered as salary transfer when the employee applies for loan or credit card in India. I believe in narration it should say salary and only then it is considered as salary by bank verification team. Also it will show my personal name and not my company name in the employee bank pass book. Is it possible to transfer salary from my personal savings bank account to employees which will show salary in narration. Or should I open an account for my company in Bangalore India. Since we are less than 10 employees and our salary payout is below 1 lac, which bank would entertain us as our transaction amount is small. Most private banks I believe require more than 25 employees and at least 5 lacs monthly transaction. Any help would be greatly appreciated.
mail8013
Hello Lokesh,
You would need to open a current account on your company's name with a Bank first. As far as I know, the banks may need ur company certificate and pan card. I don't know if the requirements have changed now.
Why don't you check it out with local private banks ?
Good Luck, A.B.
Satpreet Kaur
Hi Lokesh,
Mail18 has rightly replied. you must transfer the salary through company's current account. If you have opened a registered company then you'll have to show all this information while filing service tax.
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