Essay On Chit Fund

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Therefore, a member in a registered Chit Fund Company is very much secured than a member in a non-registered company.When a subscriber withdraws/leaves, the foreman has to find an alternate subscriber in his place.Until then the chit fund company has to arrange funds on behalf of that subscriber.At Chit Monks we try to balance a group composition with both savers and borrowers so that everyone gets better reward. If you want to claim the bid as loss then these dividends has to be shown as revenue income in the assessment.Hence the entire dividend earned in a chit is not taxable if you don’t claim the bid amount as loss. You can participate in live auction through Chit Monks app.The Trinamool Congress, which completes two years in power in May, will find it next to impossible to disown its close ties with the tainted organisation or provide a plausible answer to the righteous indignation of lakhs of gullible investors, including a sizable section of urban and rural poor, who constitute much of the party’s support base.Though the extent of loss to the investors is not known, some estimates state that the group may have collected more than Rs.20,000 crore through its various deposit-collection schemes in West Bengal, Assam, Odisha, Tripura, Jharkhand and Bihar run through its 160 companies.We give utmost importance to this process as we have to safeguard the interests of all non-prized subscribers.Registered chit funds are regulated by the state governments.In case a prized subscriber defaults for a continuous period of three months, a penalty of 3% per month will be collected and dividends will not be paid to such defaulting prized subscriber.Legal action will be initiated against the said defaulting prized subscriber and his guarantors in court of law, for recovery of all dues.

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