Treament of chit dividend/ discount while filing it returns.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2012
My client Raj is a dealer in food grains and files his return of
income u/s 44AD as his T/O will be less than 30 lakhs.
He participates in chit scheme in one of reputed chit co.He gets
chit dividend and takes chit ie total amount on discount.
If his chit dividend is more than chit discount,under which head
we have to show surlus dividend?
If his chit discount is more than chit dividend,where to claim, the
loss from chit ?
He does not maintain any accounts.
Is it necessary to offer the surplus for tax as he files return u/s
44AD ?
Can we claim loss from chit when we file return u/s 44AD ?
Akindly advise me reg.treament of chit dividend / chit discount
in the above circumstances.
income u/s 44AD as his T/O will be less than 30 lakhs.
He participates in chit scheme in one of reputed chit co.He gets
chit dividend and takes chit ie total amount on discount.
If his chit dividend is more than chit discount,under which head
we have to show surlus dividend?
If his chit discount is more than chit dividend,where to claim, the
loss from chit ?
He does not maintain any accounts.
Is it necessary to offer the surplus for tax as he files return u/s
44AD ?
Can we claim loss from chit when we file return u/s 44AD ?
Akindly advise me reg.treament of chit dividend / chit discount
in the above circumstances.
Amol S Joglekar
(Expert)
10 August 2012
Yes, the chit loss/profit should be shown under income frm other sources
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