MAULIK GANDHI (Tax Assistant) 31 March 2015
While filing income tax return in ITR-5 of Co-oprative hosing society having income from it's members and mobile tower which is to be considered income from other sources
so my question is that is section 44AA maintiance of books of account in return will be yes or no..?
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CA HAYEDAR SHAIKH (Practice ) 01 April 2015
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.