Case Law Details
Case Name : CIT Vs Sahib Chits (Delhi)(P.) Ltd. (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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RELEVANT PARAGRAPH
10. The question raised before us is with regard to the taxability of the discount allotted to the subscribers of the chit, which as per the counsel for the appellant is in the nature of “interest ” in the hands of such subscribers and not “dividend “.Thus, it may be noted that the term „interest ., as defined under the Act, specifically speaks of “moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation)…” . In the present case various persons are contributing to chits, which amount is taken by...
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What is TDS treatment on chit fund foreman commission?
A assessee firm is operating a chit fund business and it collects subscriptions from the chit subscribers and makes payment of chit amount to the successful bidder of the chit.
can the chit payment to the successful bidder can be made by way of cash ?
Can the chit subscription amount received be in cash?
if yes, What shall be the limitation?
Thanks for the info. I have a question, do i need to pay tax on the amount issued by the chit fund authority?