Co-oprarive housing society u/s 44aa

A cooperative housing society has to be Audited. So, yes, it has to mandatorily maintain books of accounts.

Dear Maulik,

As per section 44AA

A cooperative society, is required to maintain books of accounts and other documents as may enable the Assessing Officer to compute its total income in accordance with the provisions of the Income Tax Act.  Further, its accounts are required to be audited by a Chartered Accountant u/s 44AB notwithstanding the fact that its accounts are subjected to audit by the administrative department (Directorate of Cooperative Audit) as provided in the State Cooperative Laws. However, tax audit provisions are generally not applicable to societies which do not carry on any business.