Chit Funds under Indian Law are regulated savings and investment schemes governed by the Chit Funds Act, 1982. This Act outlines the legal framework for the operation of chit funds in India. Chit funds are financial arrangements where a group of individuals contributes a certain amount of money periodically, and the total amount is given to one member of the group through an auction or lottery system. The Chit Funds Act aims to protect the interests of subscribers and regulate the conduct of chit fund companies to ensure transparency and fair practices. It is important for individuals and organizations to understand the legal provisions surrounding chit funds to participate in or operate them in compliance with the law.
Finance : Discover everything you need to know about Chit Funds in India. Understand how they work, who can participate, and the benefits of...
Income Tax : Detailed analysis of ITAT Delhi's ruling in Nijhawan Travel Services Pvt. Ltd. Vs DCIT, exploring the critical determination that ...
Detailed analysis of ITAT Delhi’s ruling in Nijhawan Travel Services Pvt. Ltd. Vs DCIT, exploring the critical determination that the loss of Chit Fund used for business is allowable as a business loss.
Discover everything you need to know about Chit Funds in India. Understand how they work, who can participate, and the benefits of this unique investment option.
