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

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....the chit amount or by a member who 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 chi....