Question ID :
42193
Whether 269SS is applicable for Chit Funds company?
Whether 269SS is applicable for Chit Funds company is applicable for subscription amount received and paid in excess of Rs 20,000/- in cash from members of Chit regardless of prize money
Posted by
ADARSH
on
Dec 13, 2021
Filed Under
DIRECT TAXES
According to the provisions of section 269SS of the Income Tax Act, the person cannot take/ accept, the amount of loan/ deposits/ specified sum is INR 20,000 or more; remaining unpaid as on the date of taking/ accepting new loan/ deposits/ specified sum. Notably, provision of section 269SS is not applicable to any loan/ deposit/ specified sum taken or accepted from or any loan/ deposit/ specified sum taken or accepted by the following – 1. Account payee cheque; 2. Account payee bank draft; 3. Via electronic clearing system through a bank account; 4. Other electronic modes as specified under rule 6ABBA of the Income Tax Rules –
Posted by
Hari Beldona on
Feb 03, 2024