Why do we need to conduct “Electrical Audit” in housing society? Is this really a mandatory requirement like conducting a structural audit? Before we answer this, let us ask ourselves “Are we going to make provision for safety of our family only if there are legal compulsion to do so or we should make Read more about Electrical & Fire Audit in Housing Society – is this Mandatory?[…]
It’s time for audit! I am sure most of the societies are now busy with connecting / follow-up with their accountant to complete the accounting work of last financial year so as to schedule the annual audit for the last financial year. Before we discuss the some of the key points each society needs to Read more about Society Annual Audit & Reporting[…]
Many a times we have seen that Managing committee fails in legal compliance not because of time but just due to less awareness on the various compliance required by law. The recent changes (yet to receive consent from Governor of Maharashtra) in Maharashtra Cooperative Society Act, proposed a Fine of 25000/- (Rupees Twenty-Five Thousand) in Read more about Legal Compliance Framework – Cooperative Housing Society[…]
Nowadays more and more housing cooperative societies are receiving notices from the government, ever wondered why? Housing cooperatives are not exempted from income tax, but to avoid tax liability housing cooperative avoid paying tax. A housing cooperative is either fully or partially taxable are not an exception to this either. Income Tax department does not Read more about Income Tax and Housing Society Cooperatives[…]