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Assessment of Chit Funds.
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....the question of assessment of Chit Funds, the following guidelines should be borne in mind:- 1. The assessing officers should requisition the names and addresses of all agents of a Chit Fund company with a view of establishing their identity as it sometimes happens that commission is drawn in the names of benami persons which ultimately benefits some of the Directors of the Company. 2. It is....
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....core should be checked by the I.T.O. and may be disallowed by him if he feels that they do not pertain to the legitimate business needs of the company. 4. The genuineness of cash credits and bad debts should be thoroughly scrutinised. 5. The assessment of Chit Fund companies should be completed on top priority basis so that the assessment for a particular year is completed before the close o....