Celebrate CA Day with CAclubindia PRO. Use Code: CADAY10 Subscribe Now!

Co-oprarive housing society u/s 44aa

MAULIK GANDHI (Tax Assistant) (222 Points)

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..?

Reply
Follow
Share

2 Replies

(Guest)

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

CA HAYEDAR SHAIKH (Practice ) (627 Points)
Replied 01 April 2015

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.