Housing society bye laws

Property tax is levied on the property, collected by MC of Soceity as a welfare measure to its members  which is to be deposited with municipality on behalf of individual member.

However, it (property tax) should/ can not form part of balance sheet, recheck and clarify.

As per the accounting norms whatever the balance is remained in the concern tax fund in balance sheet it can brough forward to the next financial year. 

The Society either has to refund the excess property-tax collected or allow the members their respective credits, of the excess property-tax collected from them, in their next maintenance bills, this has to be done with mutual understanding.