Karan Khatri (...) (2892 Points)
23 November 2019What are the provisions with respect to Statutory Audit of a Co-operative Housing Society? Who can become a Auditor of a Co-operative Housing Society? Can a Tax Auditor & the Statutory Audit be same?
(For the State of Maharashtra, Mumbai)
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 25 November 2019
1) The Maharashtra Co-op. Societies Act, 1960 (MCS Act) – having 167 sections effective from 26/1/1962 and The Maharashtra Co-op. Societies Rules, 1961 – having 110 rules effective from 23/12/1963.
or
The Co-operative Societies Act and Rules of the respective state in which the society is registered (Bihar-1935, Orissa-1935, Assam-1950, Karnataka-1959, Madhya Pradesh-1961, Tamil Nadu-1961, Gujarat-1962, Andhra Pradesh-1964, Rajasthan-1965, Kerala-1969, Himachal Pradesh-1971, Delhi-1972, West Bengal-1973).
or
The Co-operative Societies Act, 1912 and Rules
The Multi-State Co-op. Societies Act, 2002 and Rules (applicable to all societies whose objects are not confined to one state).
2) The Income Tax Act, 1961 and Rules.
3) The Service Tax Act and Rules
4) The Bombay Stamp Act
or
The Indian Stamp Act
5) The Indian Contract Act 1872, Transfer of Property Act 1882 & Sale of Goods Act 1930.
6) Law of Limitation.
7) Circulars, Notifications and directives issued from time to time by the respective departments of co-operation.
8 ) Byelaws of the Society.
9) Accounting Standards – Policies & Guidelines
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