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chits fund
chits fund amount exemption which under section and explain?
Replies (2)
Not exempted under IT act.
1. Income from chit funds are not exempted and it will be subject to tax under the head income from other sources.
2. There is nowhere in sec 10 which specified chit fund incomes are exempted or any business which is in the nature of chit funds are exempted from payment of tax.
3. However, dividend income from chit funds is exempted u/s 10(34) as it is covered u/s 115-O.
Please correct me if the above solution has an alternative view.
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