Income from committee system

Can I show profit from committee system as other income?? Is the committee system is legal..???
Replies (2)
Quick Summary
This discussion explores the accounting treatment and legality of income generated from a committee system, often referred to as a chit fund. Participants are seeking clarification on whether profits from such schemes can be declared as 'other income' and if the system itself is legally permissible.

What do you mean by Committee system !!
We may call it chit fund usually do created between friends, family and people who have trust in each other.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details