Dear All,
Is the dividend earning from a chit fund company is taxable under the income tax or not ? If taxable under which it is taxable. please clarify the same.
with regards,
Mallikarjuna
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Dividend from chit funds
Replies (1)
Hi, in my opinion chit fund companies fall within the ambit NBFC and the income from chit fund bussiness is not an income as it is simply a mutual assosiation and in these cases particularly chit fund company is not separate from its members and thus they all are one , and as per income tax act no person can earn income out of itself , putting out a money from left pocket to right pocket cannot be said as earning of income , same is the above case .
Plz correct me if I am Wrong!
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