Cash collection for chit subscription Reg

MEENA VIVEK (247 Points)

27 November 2020  
We are doing chit business under chit fund act 1982 and we are collecting Chit instalment as cash for Rs.1 Crore Chit group chit subscribers pay Rs.200000/ as instalment in one day as cash in this circumstances Under Income tax Act 269ST section is applicable for us or not.