Co- Op. Society
This query is : Resolved
03 April 2008
There is one housing co-op.society having residential flats and it having only maintenance income and F.D. interst income.
If it's income exceeds the taxable income or not, whether it is compulsory for co-op. soc. to get it's account audited???
plz give refrence to particular section.
thanx
If it's income exceeds the taxable income or not, whether it is compulsory for co-op. soc. to get it's account audited???
plz give refrence to particular section.
thanx
03 April 2008
plz reply
03 April 2008
Under the co-op. society act is it required to get his accounts audited.
You can check in the act it self
You can check in the act it self
03 April 2008
A REGISTERED COOP. OR FLATS / HOUSING SOCIETY'S ACCOUNTS NEED TO BE AUDITED AND THE BYE LAWS ALSO NEED TO PROVIDE FOR THE ANNUAL AUDIT OF ACCOUNTS AND THE MENMBERS APPROVE THE AUDITED ACCOUNTS AND THE SAME NEED TO BE FILED WITH REGISTRAR OF SOCIETIES OR COOP. SOCIETIES AS THE CASE MAY BE.
THIS REQUIREMENT IS IRRESPECTIVE OF INCOME EXCEEDING EXEMPTION LIMITS OR NOT.
BUT IN CASE OF A WELFARE SOCIETY OR A HOUSING SOCIETY, WHEN THE INCOME IS TOTALLY SPENT FOR WELFARE OF THE MEMBERS, EXEMPTION FROM TAX CAN BE RIGHTLY CLAIMED FROM TAX .
R.V.RAO
THIS REQUIREMENT IS IRRESPECTIVE OF INCOME EXCEEDING EXEMPTION LIMITS OR NOT.
BUT IN CASE OF A WELFARE SOCIETY OR A HOUSING SOCIETY, WHEN THE INCOME IS TOTALLY SPENT FOR WELFARE OF THE MEMBERS, EXEMPTION FROM TAX CAN BE RIGHTLY CLAIMED FROM TAX .
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
