Balance-sheet of society running two schools.
Subroto
(Querist) 13 May 2013
This query is : Resolved
Experts,
Our society is running two schools. One is affiliated to CBSE and the other is affiliated to Haryana Board and is a Govt. Aided Privately Managed School.
The society is registered under the Haryana Registration & Regulation of Societies Act, 2012 and According to the Act the sources of income of the Society is clearly defined as membership fee, annual subscription, donations, rent from property/assets, interest, gifts, grants, consultation fees etc.
The Society is required to submit its Audited Balance sheet/annual accounts for the last three years to the District Registrar of Firms & Societies.
My query is do we have to submit the audited balance sheets/annual accounts of the both the Schools or just the audited balance sheet concerned with the membership fee, annual subscription, loans, rent from property/assets, interest, grants, gifts, donations, consultation fees etc. received and expended by the Society AND what are the proper books of accounts which are required by Income Tax laws.
Devajyoti Barman
(Expert) 13 May 2013
You need to submit audited book of accounts done by a CA for the income and expenses of the society including the two schools.
Subroto
(Querist) 13 May 2013
^Thanks for replying!
The two schools are also sumbitting their audited balance-sheets to the District Education Officer annually and as per the State Education Act, the income of the Schools must be used only for those Schools.
Does it mean that the income from the Schools can't be considered as an income of the Society and can't be reflected into the balance-sheet of the society and the society can't use this income for its other aims & objects such as hospitals.
The Society Act says that the society can use its income for any purpose that seems fit to it for furthering its aims & objects.
Suppose, if DPS Society is required to submit their audited balance-sheets for the last 3 years, do they also have to sumbit the balance-sheets of over 150 schools which are run and managed by them alongwith the donations or grants received by the DPS Society ?
Shashikant V. Patil
(Expert) 13 May 2013
It has to be because it is functioning under one and same umbrella.
