269ss & 269t for chit fund company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2012 Sir/Madam

Does 269SS & 269T apply to Chit Fund Company which receives chit amount from its subscribers.(Whether or not the subscriber bidded the chit amount)

Please clarify

CA C.JANANI

CA C.JANANI (Expert)
Follow

08 October 2012 Yes 269SS AND 269 T have been excluded only for the specified govt companies banks,post offices etc.
There is no exclusion provided by law.
Also, considering the nature of amount collected by chits and payments made by them will amount to deposits hence they will be covered.