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Taxation of Chit Fund Scheme Subscribers Video Explanation


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Taxation of Chit Fund Scheme Subscribers - Video Explanation

taxworry.com has published a detailed article explaining provision with High Court and Tribunal decisions and CBDT circular on the taxataion issues related to Chit fund Scheme subscribers .
1)Download Free TAx chit fund APP chit fund software demo Andorid App https://goo.gl/1vEuSY chit fund software demo Windows App https://goo.gl/Dw30zC chit fund software demo iPhone App https://goo.gl/TJ4vmR 2)What is a Chit ? Section 2(b) of the Chit Fund Act, 1982 defines a chit as under:- "Chit means a transaction whether called chit, chit fund, chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount. Explanation: - A transaction is not a chit within the meaning of this clause, if in such transaction,- (i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions; or (ii) all the subscribers get the chit amount by turns with a liability to pay future subscriptions." 3)Who is a chit fund prized subscriber? A subscriber who has lifted his chit or to whom the chit amount is paid is called a prized subscriber.A subscriber who has not lifted his chit fund or to whom the chit amount has not been paid yet is called a non-prized subscriber. 4) What is chit fund auction discount? The difference between chit fund value and the amount at which a successful bidder takes a chit fund in a lottery auction is known as auction discount. 5)What is an chit fund auction? Auction is a procedure for identification of the non-prized subscriber who wants to take a chit amount at the highest permissible discount. All non-prized subscribers who have paid their installments up to date are allowed to participate in the auction for bidding up to the highest auction discount, within a period of five minutes allowed for each chit fund auction. 6)What is chit fund dividend? Auction discount minus company commission (5% of chit value) is the total group dividend. Total group dividend is distributed equally amongst all the subscribers. This dividend so distributed is deducted from the next installment payable by the subscriber. 7) What is chit fund lot? When more than one non-prized subscriber wants to take the chit fund amount at the same discount, the chit fund numbers (coins) of all such non-prized subscribers are put in a container and the successful bidder is identified by removing one number (token coin) from the said container. The procedure is known as chit fund lot or chit fund lottery. 8)What is chit fund “coming to open”? When there is no member in the chit fund group who is willing to receive the prized/bid amount at the maximum allowable discount, the bidding for the
chit fund comes in for open auction. This is known as coming to open. 9)What are the benefits to the Foreman/Chit Fund Company? The chit fund company conducting the chit business also known as Foreman charges 5% of the chit fund value as commission or service charge for the services rendered by it. The foreman has to gather a group of persons to form a chit fund group, collecting fund from each subscriber every month, arranging payment of prized money to one person each month and collecting money from chit fund prized subscribers etc is work for the foreman. 10)What regulations does the chit fund company follow? All activities of the company are regulated/monitored by the government department under the chit fund Act 1982. 11)What it the duration of these chits? The duration of chits are normally 25 months, 40 months and 50 months.

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