https://www.taxtmi.com/circulars?id=9191 Organisers who convene and administer chit funds and earn commission have business income, with any unrecovered amounts treated as bad debts subject to usual business tests. Subscribers receiving amounts in excess of subscriptions are treated as receiving interest, taxable as such; subscribers who take money earlier incur interest-like loss, whose allowance depends on how the funds were utilised and the statutory conditions for deduction. en-us Tue, 16 May 1978 00:00:00 +0530 Thu, 02 Jun 2011 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9191 Organisers who convene and administer chit funds and earn commission have business income, with any unrecovered amounts treated as bad debts subject to usual business tests. Subscribers receiving amounts in excess of subscriptions are treated as receiving interest, taxable as such; subscribers who take money earlier incur interest-like loss, whose allowance depends on how the funds were utilised and the statutory conditions for deduction. Circulars Income Tax Tue, 16 May 1978 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9191