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FOREMAN OF CHIT FUND

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 10-4-2015 Last Replied Date:- 12-6-2015 - (Clause 23A) (Being inserted by Finance Bill, 2015 w.e.f. notified date) '' shall have the same meaning as assigned to the term 'foreman' in clause (j) of section 2 of the Chit Funds Act, 1982. Accordingly, as per section 2(j) of the Chit Fund Act, (j) 'foreman' means the person who under the chit agreement is responsible for the conduct of the chit and includes any person dischargi .....

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nstallments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount. Explanation.- A transaction is not a chit within the meaning of this clause, if in such transaction,- (i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions; or (ii) all the subscribers get the chit amou .....

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ed by Foreman of a chit - (1) The foreman shall, on the prized subscriber furnish sufficient security for the due payment of future subscriptions, be bound to pay him the prize amount: Provided that the prize subscriber shall be entitled to the payment of the prize amount without any security whatsoever if he agrees to the deduction therefrom of the amount of all future subscriptions and in such a case, the foreman shall pay the prize amount to the prized subscriber within seven days after the d .....

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draw remains unpaid until the date of the next succeeding installment, the foreman shall deposit the prize amount forthwith in a separate account in an approved bank mentioned in the chit agreement and intimate in writing the fact of such deposit and the reasons therefore to the prized subscriber and the Registrar: Provided that where any prized subscriber does not collect the prize amount in respect of any installment of a chit within a period of two months from the date of the draw, it shall b .....

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ed to under clause (b) or clause (c) of sub-section (1) of section 21: Provided that where the foreman is himself a prized subscriber, he shall be entitled to appropriate to himself the prize amount subject to his complying with the provisions of section 31: Provided further that the foreman may appropriate to himself the interest accruing on the amount deposited under the second proviso to sub-section (1) (5) The foreman shall not admit any person as a subscriber to a chit, if by such admission .....

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