Co-Operative Society Audit

  • Preparation of Financial statement for Society
  • Income tax filling for Co-Operative Society
  • Advise for record maintenance under Society Law
  • Starts Society Audit

Co-operative Society Audit

Co-Operative Society Audit was originally need to be conducted to ascertaining whether the person responsible maintaining accounting record and documents had properly accounted for all receipts and payments as per accounting standards. The primary object of our Audit is to examination of each transaction of receipt and payment, the verification of the financial of an Co-Operative Society. Our main object of audit is to find out whether the accounts of a particular concern exhibits a true and fair view of the financial State of affairs , to detect errors, fraud etc. to ensure financial discipline. Audit is, therefore, an examination of accounting records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.

Types of Co-Operative Society Audit

Annual audit or statutory audit

A “periodical” or “annual” audit which is compulsory under law, is known as “statutory audit” and is generally carried out once a year.

Internal Audit

To guide the management for any rectification or compliance required before the statutory audit and the internal auditors submit their reports to the Board.

Re-audit

If it appears to the Registrar, on an application by society or otherwise, it is necessary or expedient to re-audit, Registrar may by order provide for such re-audit.

Special audit

Special audit is applicable only on the request of Reserve Bank of India. Audit Report need to submit to RBI

Cost Audit

The Cost audit of certain types of societies shall be directed by the State Government under section 81 (2A).

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Rate of Income Tax on Co-operative Society

  • Income up to ?10,000 = 10%
  • Income ?10,001 up to ?20,000 = 20% of income exceeding 10,000 + 1,000
  • Income ?20,001 onwards = 30% of income exceeding 20,000 + 3,000

Applicability of PAN & TAN to Co-operative Society

  • A cooperative society has to get PAN, TAN etc like any other form of business.
  • If the society has to deduct income tax it must obtain TAN number. The society is also bound by provisions of TAN and filing of return of TDS.

Compare Your Options

Mandatory For
Due Date
Statutory Compliance
Mode of Audit Submission
Who can do Audit
Audit Section

Tax Audit

Turnover>Rs.200/50lac
30 Sept.2020
Yes
Online
CA
44AB

GST Audit

Turnover>Rs.200lac
30 June2020
Yes
Online
CA/CMA
35(5)

Statutory Audit

For Companies
30 Sept.2020
Yes
Online
CA
Section 133

Trust Audit

For Trust
31 July 2020
Yes
Online & Offline
CA
Section11 & 12

Society Audit

For Society
31 July 2020
Yes
Online & Offline
CA & Other
Section 81

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