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Chit Fund Taxaion

Anonymous (student) (7 Points)

04 December 2020

Is amount Received from Chit Fund taxable?
Are there any exemption limit for Chit fund amount Received

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2 Replies

ATUL Y (574 Points)
Replied 04 December 2020

Income from chit funds is taxable.

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ayusmita (Tax consultant) (5885 Points)
Replied 04 December 2020

The dividend income earned per month is neither tax deductible nor taxable.the overall income is taxable as income from other sources
the overall loss can be claimed as business loss

here the difference between the money invested and the money he got from it is considered as income or loss