chit (n.1) Look up chit at Dictionary.com
"note," 1776, short for chitty, from Mahrati (Hindi) chitthi "letter, note," from Sanskrit chitra-s "distinctively marked" (see cheetah).
chit (n.2) Look up chit at Dictionary.com
"small child," 1620s, originally "young of a beast" (late 14c.); unrelated to chit (n.1); perhaps a playful deformation of kitten, but the "Middle English Dictionary" compares Old High German kizzin "kid."