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Chit dividend

This query is : Resolved 
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(Querist)
07 February 2011 Total Chit Value Rs.500,000/-
Monthly Subscription Rs.10000/-
But Payments are paid like this
mth.sub. Dividend.
10000 0
6500 3500
6500 3500
10000 0
6500 3500
6500 3500
in this way payments are made.Now for the AY 2010-11 dividends are taxable or not?
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Hitender Gaur

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Hitender Gaur (Expert)
08 February 2011 You can show the premium as investment and calculate net dividend as profit/loss at the time of maturity, if dividend is possitive then show Devidend Earned as income in your P&L, otherwise show in P&L A/c as Dividend Paid in exp. side.
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