Hi All,
I am putting the chit for past 8 months and this is an unorganised chit . Net contribution is equal to total cumulative amount received.No profit in chit.
I send each contribution thru NEFT for each individual participants.
When I took an auction,Instead of receiving the each chit amount from all participants,Only three of participants send the full amount. They transferred internally before sending it to me as a single amount.As I said this is unorganised.
Do i need to show it in ITR, because this is unorganised I do have any information about the chit organisation and participate information.
Will the big amount (5 lakhs) will cause issue.
How do I tackle this.
CAclubindia
