https://www.taxtmi.com/circulars?id=9007 Convenor taking over vacant chit tickets is treated as a subscriber with attendant rights and liabilities; dividends earned by the convenor on such vacant chits are receipts incidental to the business of running the chit fund and are assessable as business income. If the convenor transfers those tickets to new or existing subscribers and pays over earlier declared dividends, such payments may be allowed as business expenditure. Assessing authorities should scrutinise the chit fund's governing rules to ensure these treatments are applied. en-us Sat, 17 Jul 1976 00:00:00 +0530 Wed, 01 Jun 2011 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9007 Convenor taking over vacant chit tickets is treated as a subscriber with attendant rights and liabilities; dividends earned by the convenor on such vacant chits are receipts incidental to the business of running the chit fund and are assessable as business income. If the convenor transfers those tickets to new or existing subscribers and pays over earlier declared dividends, such payments may be allowed as business expenditure. Assessing authorities should scrutinise the chit fund's governing rules to ensure these treatments are applied. Circulars Income Tax Sat, 17 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9007