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Sec 269SS of Income Tax Act

This query is : Resolved 
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(Querist)
06 March 2023 Is Sec 269 SS is applicable for Chit Subscription ?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
06 March 2023 Yes, there is no exemption to chit fund.
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Gayu Gayu

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Gayu Gayu (Querist)
06 March 2023 How Sir ? there are many members paid in cash, its neither loan nor deposits
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
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.
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