Co- Op. Society
This query is : Resolved
03 April 2008
There is one housing co-op.society having residential flats and it having only maintenance income and F.D. interst income.
If it's income exceeds the taxable income or not, whether it is compulsory for co-op. soc. to get it's account audited???
plz give refrence to particular section.
thanx
If it's income exceeds the taxable income or not, whether it is compulsory for co-op. soc. to get it's account audited???
plz give refrence to particular section.
thanx
03 April 2008
plz reply
03 April 2008
Under the co-op. society act is it required to get his accounts audited.
You can check in the act it self
You can check in the act it self
03 April 2008
A REGISTERED COOP. OR FLATS / HOUSING SOCIETY'S ACCOUNTS NEED TO BE AUDITED AND THE BYE LAWS ALSO NEED TO PROVIDE FOR THE ANNUAL AUDIT OF ACCOUNTS AND THE MENMBERS APPROVE THE AUDITED ACCOUNTS AND THE SAME NEED TO BE FILED WITH REGISTRAR OF SOCIETIES OR COOP. SOCIETIES AS THE CASE MAY BE.
THIS REQUIREMENT IS IRRESPECTIVE OF INCOME EXCEEDING EXEMPTION LIMITS OR NOT.
BUT IN CASE OF A WELFARE SOCIETY OR A HOUSING SOCIETY, WHEN THE INCOME IS TOTALLY SPENT FOR WELFARE OF THE MEMBERS, EXEMPTION FROM TAX CAN BE RIGHTLY CLAIMED FROM TAX .
R.V.RAO
THIS REQUIREMENT IS IRRESPECTIVE OF INCOME EXCEEDING EXEMPTION LIMITS OR NOT.
BUT IN CASE OF A WELFARE SOCIETY OR A HOUSING SOCIETY, WHEN THE INCOME IS TOTALLY SPENT FOR WELFARE OF THE MEMBERS, EXEMPTION FROM TAX CAN BE RIGHTLY CLAIMED FROM TAX .
R.V.RAO
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