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Applicability of Sec 269SS & Sec 269T

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(Querist)
08 October 2020 Dear Sir,

x pvt ltd, is a chit fund company. It is collecting the subscription from members towards the fund. Please guide.
1. Subscription received from the members is a loan, Advance or Specified sum u/s 269SS.
2. The members have subscribed in cash exceeding Rs. 20,000. Whether section 269SS is applicable for Chit fund company.
3. Sec 269T is applicable for chit fund.

guide.

regards,

R. Gurucharan.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
08 October 2020 1 and 2 269ss attracted as it will be considered as deposit.
3 Not applicable to chit fund companies. Applicable only to individual.
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r gurucharan

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r gurucharan (Querist)
08 October 2020 Thanks for the support.
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