Frequently asked questions about “Chit Funds”?

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What measure the revenue enhancement edges by saving and borrowing mistreatment chits?

The check loss may be subtracted from the financial gain from profession or business. internet surplus or dividends when completion of the check amount have to be compelled to be offered as financial gain, however some courts have dominated that this financial gain isn’t subject to revenue enhancement.

What  measure the modes of payment?

Cash, cheques, demand draft, pay order and bank transfer square measure accepted modes of payment.

How many chits am i able to soak up a coupon group?

A subscriber will participate quite one bill within the same bill cluster, but the no. of chits allowed is at the discretion of the foreman.

What is the length of those chits?

The length of chit’s square measure Unremarkable twenty five months, forty months and fifty months.

Can we have a tendency to create payments in alternative branches?

Yes several chits Funds permit you to form payments at any of their branch.

What  measure the advantages of connexion a vacant chit?

All the dividends due until date of connexion the cluster square measure attained by the member connexion a vacant bill.