20 December 2016
the group of some persons like about to 40 join together & then decided to contribute 1000/- p.m per person. a proposal is given that the money will be used to help the members of the group at the time of need at the lower rate of interest 7 said interest will be divided between such members. they want to do theses through a bank account not by cash, my question is that what will be the taxation of such group & under whom name the bank account will be open.
CAclubindia
