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Andhra Pradesh
TDS on chit fund income opposed
By Our Staff Reporter
HYDERABAD,
JAN. 30.
Chit fund companies have complained against the recent income tax order asking them to deduct tax from the dividend paid to their subscribers. Addressing the press here on Sunday, T.S. Sivaramakrishnan, general secretary, All India Federation of Chit Fund Companies, explained that chit funds were not like a regular banking and were based on contributions of the members. "Most people contributing to chit funds are poor and middle class and their monthly dividends are very low. How can TDS be imposed on this," Mr. Sivaramakrishnan asked. The federation also wants the Government to revise the commission charged by these companies to 7 per cent from the present 5 per cent.
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