Regarding starting a lucky draw company
This query is : Resolved
20 May 2016
Dear Sir,
I wan to open a company for monthly lucky draw scheme for 500 members. Each of them has to pay monthly forb11 months each one of them will get assured gift.Now main thing is that is it is legal to do.pls suggest how to do it.I am from Haryana ,at all formalities are there.
I wan to open a company for monthly lucky draw scheme for 500 members. Each of them has to pay monthly forb11 months each one of them will get assured gift.Now main thing is that is it is legal to do.pls suggest how to do it.I am from Haryana ,at all formalities are there.
Jatin Bajaj
(Expert)
23 May 2016
Such Company can be incorporated as Chit Fund Company which is legally valid. Kindly refer Chit Fund Act
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
