Sec 269SS of Income Tax Act
This query is : Resolved
Quick Summary
06 March 2023
Yes, there is no exemption to chit fund.
06 March 2023
How Sir ? there are many members paid in cash, its neither loan nor deposits
06 March 2023
It is advance subscription, falls under deposit category.
At the same time you cannot pay lump sum back to winner, provided you are running the chit under any official banner.
At the same time you cannot pay lump sum back to winner, provided you are running the chit under any official banner.
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