Income from committee system

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STUDENT
156 Points Posted on 14 February 2021
Can I show profit from committee system as other income?? Is the committee system is legal..???
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On 14 February 2021 at 09:57 Report
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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.

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17269 Points Posted on 14 February 2021
What do you mean by Committee system !!
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On 14 February 2021 at 14:59
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STUDENT
156 Points Posted on 14 February 2021
We may call it chit fund usually do created between friends, family and people who have trust in each other.
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On 14 February 2021 at 15:57

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