A housing society management software or a housing co-op, is a legal entity, usually a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Since the Co-operative Housing Societies are included in Section 81(1) (B) of the Maharashtra Co-operative Societies Act, 1960, the audit of the said societies should have to be made themselves.
It is obligatory to make an audit from the panel auditors kept on the level of Divisional Joint Registrar, Co-operative Societies. An audit cannot be made by the same auditor for continuously more than two years.
The appointment of the auditor should be made in the Annual General Body Meeting of the society.
Details like name, address, telephone number of the auditor appointed should be displayed on the notice board of the Society or other noticeable places and informed the same to the Registrar of the Society.
An audit is necessary for housing societies in case there is income coming due to some business activity. Like building shops, cell towers, marketing hoardings, etc. Tax Audit provisions are generally not applicable to societies that do not carry on any business. For example, in housing societies in years of construction of building premises and redevelopments of their properties, provisions of section 44AB would not apply as there is no business activity.
However, due to the pandemic, the state government of Maharashtra has delegated that the general body committee to the managing committee or the board of directors can conduct this year’s audit to avoid one year delay. Therefore the managing committee or the board of directors can get the approval of surplus disbursements by appointing an auditor. This allows them to fast-track their financial modalities before the current fiscal In March 2021.
So how can one social distance while managing the society’s yearly audits? The answer is simple to turn to a housing society management software like onescoiety. It has features that help with bookkeeping, tax consultant, tax and returns filing, society affair consultancy, migrating to CHS ONE, and audits. onesociety not only helps you audit but has tied up with certified auditors for a smooth and headache-free assisted auditing process. So if a co-op society doesn’t have an auditor, onesociety will appoint an auditor for you so you are in time for the fiscal year. onsociety also manages bookkeeping hassle-free and provides dedicated staff to enter accounting data and maintain a neat book of accounts for healthy accounting practice. Everyone understands the importance of bookkeeping and accounting and how difficult it can be to manage all together. onesociety is designed especially to take care of ALL society’s needs. So get a free demo today!