Applicability of Sec 269SS & Sec 269T
This query is : Resolved
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r gurucharan
(Querist)
08 October 2020
Dear Sir,
x pvt ltd, is a chit fund company. It is collecting the subscription from members towards the fund. Please guide.
1. Subscription received from the members is a loan, Advance or Specified sum u/s 269SS.
2. The members have subscribed in cash exceeding Rs. 20,000. Whether section 269SS is applicable for Chit fund company.
3. Sec 269T is applicable for chit fund.
guide.
regards,
R. Gurucharan.
x pvt ltd, is a chit fund company. It is collecting the subscription from members towards the fund. Please guide.
1. Subscription received from the members is a loan, Advance or Specified sum u/s 269SS.
2. The members have subscribed in cash exceeding Rs. 20,000. Whether section 269SS is applicable for Chit fund company.
3. Sec 269T is applicable for chit fund.
guide.
regards,
R. Gurucharan.
CA R SEETHARAMAN
(Expert)
08 October 2020
1 and 2 269ss attracted as it will be considered as deposit.
3 Not applicable to chit fund companies. Applicable only to individual.
3 Not applicable to chit fund companies. Applicable only to individual.
r gurucharan
(Querist)
08 October 2020
Thanks for the support.
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