Weather prize under prize chit is liable to income-tax.

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..... ho succeeds in the draw to get a prize under a prize chit is liable to income-tax. 2. Board have examined the matter in consultation with the Ministry of Law and are advised that the correct legal position with regard to the liability of assessments on profit made by organisers and subscribers to chit funds would be as follows:- a). If any person organises chit funds and for this purpose bring .....

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..... h means that they incur loss, which is nothing but interest paid for moneys taken in advance. The claim of such a loss will have to be considered for the purpose of allowance according to the provisions of the Act depending upon how the money was utilised by the subscriber. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxma .....

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