sec 269ss

Dear Supriya,

No such specific exemption is there..

So unless it falls in any of the other exempted categories(like Govt. Co. or a notified institution) the Provisons of Sec 269SS & T will apply to a chit fund company.

Exemptions from section 269SS: The Following persons are exempted from the purview of section 269SS:

a) Government ;
(b) any banking company, post office savings bank or co-operative bank ;
(c) any corporation established by a Central, State or Provincial Act ;
(d) any Government company as defined in section 617 of the Companies Act, 1956
(e) other notified insititutions
(f) where the depositor and the acceptor are both having agricultural income and neither of them have any taxable income.