Menu
Whether 269SS is applicable in case of chit institutions??
Whether 269SS is applicable in case of chit institutions??
Replies (3)
The plain reading of the section along with the Notes on Clauses is unambiguous in the intention of roping in all loans or deposits that are received otherwise than by account payee cheques or account payee drafts.
it's applicable to chit funds
( unless Government notified it under exception category.)
it's applicable to chit funds
( unless Government notified it under exception category.)
Thank u so much 🙏
1. Yes, accept with Pravin Ji. Any loans or advance or any other form of sum (in relation to the transfer of immovable property) if not made otherwise than by an account payee cheque or draft or through electronic clearing system will get hit by sec 269SS.
2. If such a Chit fund is specifically notified by the government for exemption of sec 269SS then it shall be excluded. Otherwise, all chit funds will be covered u/s 269SS of the act.
Please correct me if the above solution has an alternative view.
Recent Topics :
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
Related Topics :
CAclubindia
