Cooperative society audit
Shruti Ayerkar
(Querist) 19 July 2015
This query is : Resolved
Dear Experts
One of the Society have 2 separate buildings in its premises. They have one plot number and maintains two accounts for these two seperate buildings. I was told that this is for efficient management of the accounts that they were doing it and many societies in Mumbai follow this practice
However, later i got to know that they have 2 separate PAN for these 2 accounts, even though the Society is registered under one name and one registration number.
Also, the profit earned by one building because of advertisement isnt allowed to be shared by other building.
Are they doing the right thing. Is this as per the law?
Looking for an advice on this.
Thanks in advance.
M/s. Y-not legal services
(Expert) 20 July 2015
This is not bonafide. Even though you may be mistaken or misunderstood somewhere.. Once again check it properly madam..
P. Venu
(Expert) 20 July 2015
Have you raised the matter in the General Body meetings?
Dr J C Vashista
(Expert) 20 July 2015
There is some vital information missing from the query.
How and why the society can/shall maintain two different accounts and PAN?
How and who maintains the accounts and audit report?
Is it approved by RCS and GB?
