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Audit for apartment owners association

gayathri maruwada (84 Points)

13 December 2019

When the association books of accounts are liable to audit?

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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 (84 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 (17249 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).

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