what is turnover or gross receipts of chit fund and money lender ?

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audit Staff asked 9 years ago

what is turnover or gross receipts of chit fund and money lender ? this question is from point of view of tax and statutory audit.

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Ravi Staff answered 9 years ago

hello sumit, turnover computation will be as follows for tax audit
Commission, brokerage, service charges and other incidental charges received by a chit fund.
Interest income (gross) received by a money lender.