Co-operative housing society in maharashtra(questions)

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yashsr (Querist)
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02 April 2012 Hello,

A CA wants to audit a co-operative housing society in Mumbai, Maharashtra and have the following questions in this regard:

1) Under which act will the audit be done? Will be under Maharashtra Co-op Societies Act, 1960 or The Co-op Societies Act, 1912?

2) Which ITR form is used to file return of a co-op society?

3) Please also show me what is the audit format(like B/S, P/L etc.)

4) Any other fact that maybe important.

5) Can a person other than a CA audit a housing co-op society in Maharashtra? In some states, Govt does authorize some kind of officers to do so. So what is the law in Maharashtra?

yashsr

yashsr (Querist)
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13 August 2012 any ideas?

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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19 July 2024 Here are the answers to the questions regarding the audit of a cooperative housing society in Maharashtra:

1. **Under which act will the audit be done?**
- The audit of cooperative housing societies in Maharashtra will be conducted under the Maharashtra Co-operative Societies Act, 1960. This Act governs the functioning, management, and audit requirements of cooperative societies in Maharashtra.

2. **Which ITR form is used to file the return of a co-op society?**
- Cooperative housing societies in Maharashtra typically file their income tax returns using Form ITR-5. This form is used by firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), and BOIs (Body of Individuals).

3. **Audit Format (Balance Sheet, Profit & Loss, etc.):**
- The audit format for a cooperative housing society includes:
- **Balance Sheet**: Provides a snapshot of the society's financial position at the end of the financial year, detailing assets, liabilities, and equity.
- **Profit and Loss Account**: Shows the income, expenses, and the resulting profit or loss for the financial year.
- **Cash Flow Statement**: Demonstrates how cash and cash equivalents have moved during the year.

4. **Any other important facts:**
- Cooperative housing societies must comply with audit requirements prescribed by the Maharashtra Co-operative Societies Act, 1960 and rules issued thereunder.
- The audit report must be submitted to the Registrar of Cooperative Societies along with the financial statements.
- The audit ensures transparency, accountability, and compliance with statutory requirements.

5. **Can a person other than a CA audit a housing co-op society in Maharashtra?**
- In Maharashtra, the audit of cooperative housing societies must be conducted by a qualified Chartered Accountant (CA). As per Section 81 of the Maharashtra Co-operative Societies Act, 1960, the audit report must be signed by a CA who holds a Certificate of Practice.

In conclusion, for auditing a cooperative housing society in Mumbai, Maharashtra, it's essential to adhere to the provisions of the Maharashtra Co-operative Societies Act, 1960, use the appropriate ITR form (ITR-5), follow the prescribed audit format (including B/S and P/L), and ensure compliance with the requirement that only a CA can audit such societies in the state.

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