Question 1

Is a chit fund dividend taxable?

Accepted Answer

It should be emphasised that the monthly dividend income received from chit funds is neither deductible from taxes nor subject to taxation.

Question 2

Does GST apply to chit money?

Accepted Answer

The government recently announced new GST rates, and the tax that chit fund services are subject to has been increased from 12% to 18%.

Question 3

Chitty is it profitable?

Accepted Answer

Chit, Chitty, and Kuree are other names for it. A chit fund is a great financial tool for both borrowing and saving money. It provides a fair return on investment as a savings vehicle, and as a borrowing strategy, it can be a dependable source of funds for both routine and unplanned expenses.

Question 4

Chits are they a wise investment?

Accepted Answer

Chit money isn't always a poor investment. Because it has been abused in the past to con gullible investors, it has a poor image. It is safe to invest in government-run and registered chit funds. Recurring deposits, on the other hand, are a much safer investment.

Question 5

Who is the Chit Fund's foreman?

Accepted Answer

"Foreman" is defined as the person who, under the terms of the chit agreement, is responsible for the conduct of the chit and includes any person performing the duties of the foreman under section 39 of the Act in clause (j) of section 2 of the Chit Funds Act, 1982.

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