CA Krunal Oswal
I have query regarding Housing Society having 12 members situated in Maharashtra Pune.
This society was got registered on 22/01/2007. Even though people residing in it since Feb 2005. But from this date society does not done audit , nor filled any return or report to any statutory body. Now they have asked to prepare statutory Audit report from incorporation of Society. Please advise me on following matters, which will help us a lot :-
1] Audit has to be conducted for the Society or not?
2] From when audit have to be done & for how many years?
3] For how many previous years we can do audit ?
4] Is audit report have to be submitted to any department ?
5] Is Filling of income tax return is required?
6] It is a very small housing society, hence Is Income tax Audit have to be Done ?
7] Which reports, annexures and etc to be required to be prepared?
8] Please suggest the format of Balance Sheet & Profit and Loss A/c .
9] Any other procedure to be followed ?
I C Naik
It is a matter of shame that a CA has basic questions on Audit of Housing Society. Almost all questions have a reply “yes” Audit must be done for every year since inception. Format of annual accounts is posted on the website of Commissioner and Registrar of Cooperative Societies Pune itself. It is Form N in Rules. Find it on the following website.
https://consumerresourcesin.files.wordpress.com/2014/10/mscrulesfinal-2014.pdf