01 June 2019
Hi Everyone We are Regsitered Chit Fund Co and we are aCCepting the Monthly Chit Subscriptions in Cash(In Excess of Rs.20000) and Paying the Prize Money to the Subscribers Compulsary through Cheque only My Q is as follows
1 As we are aCCepting Chit Subscription through Cash wheather Covered by SeC 269SS is applicable
As per SeC 269T "loan or deposit" means: ▪ any loan or deposit of money which is ▪ repayable after notice or ▪ repayable after a period and, ▪ in the case of a person other than a company, includes loan or deposit of any nature;
As Per my My Knwoldege the Monthly SubsCription paid by the subscribers is not Loan or Deposit to Company just we are Collecting the money from the specified group members and paying the Prize money to One member among the Specified group only. So at the end of the day Co Doesnt have any Deposit or Loan in his hands.
CAclubindia
