I am a Tax Professional from Navi Mumbai.
Recently one of my contacts informed me that an Cooperative Housing Society having 20 members was formed in 1982 has not maintained and audited its accounts.
Please help and advice me on following issues
1.From when audit have to be done & for how many years?
2.For how many previous years we can do audit ?
3.Is audit report have to be submitted to any department ?
4.Which reports, annexures and etc to be required to be prepared?
5.Please suggest the format of Balance Sheet & Profit and Loss A/c .
6.Any other procedure to be followed ?
I C Naik
Accounts are to be prepared for every cooperative year, within 45 days of the end of year and get them audited and placed in general body meeting before 30th September for approval and adoption.
Annual Return has to be filed latest by the above date along with Auditor’s repot and Committee’s report.
Now that the default of this society is practically not remediable just to make a start get kast three years’ accounts prepared anu audited, get them approved by members in general body meeting and file in the office of the Registering Authority as soon as possible.