Audit for apartment owners association
gayathri maruwada (86 Points)
13 December 2019
When the association books of accounts are liable to audit?
4 Replies
sanjith kotni
(Articled assistant)
(663 Points)
Replied 13 December 2019
Not required as it is mutual association and no third parties are involved and not carrying any business .Only for businesses audit will apply
gayathri maruwada
(86 Points)
Replied 13 December 2019
So while filing ITR how can I claim the exemption under which section can I claim?
sanjith kotni
(Articled assistant)
(663 Points)
Replied 13 December 2019
No specific section to exempt as no one can income himself.No need to file the ROI if it the only surplus and no other income exceeding BEL
Kapadia Pravin
(17264 Points)
Replied 14 December 2019
Such associations are liable for statutory audit under which association is registered .
Same way Co-operative Housing Society is liable for statutory audit under Maharashtra Societies Act (it is State wise).
Same way Co-operative Housing Society is liable for statutory audit under Maharashtra Societies Act (it is State wise).
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