What is mean by Single Transaction u/s.269ST?
My client is a Chit company, the company act as a foreman and getting commission on each auction. The chits conducted on monthly auction basis. The company collects from the participants of the auction and pay to the person who quoted the least bid in the auction after withholding its commission.
Whether the section 269ST is applicable to the Chit Company for the above transactions? Even if it is applicable, whether each auction shall be treated as a single transaction/an event or whole chit for the total period considered as a single transaction or an event?
Kindly let me know.
CAclubindia
