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Co-oprarive housing society u/s 44aa

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MAULIK GANDHI

Tax Assistant

161 Points Posted on 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..?

Replies (2)

Guest

Posted on 01 April 2015

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

CA HAYEDAR SHAIKH

Practice

452 Points Posted on 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.