Compliances by the society

December 7, 2019

The Secretary,

Saket CHS LTD.

Thane West 400601

CC: The Dy Registrar of Co-op Societies,

Thane City. 

- for information and keeping you in the loop.

Dear Sir,

The society need to follow the below deadline in order to have a compliant Housing Society.

1. Finalization of Accounts: 15th May

2. Accounts to be handed over for Audit: 1st June

3. Audit Completion: 31st July

4. Audit Report Upload: 31st Aug

5. AGM Date: 30th Sept

6. Mandatory Annual Return by Society: 30th Sept

7. Mandatory Return by Society about Auditor Appointment: One month from AGM or 31st Oct

8. Online Audit Order Generation by Auditor: 31st Oct

9. Audit Rectification Report by Society: 3 months from the date of submission of report by Auditor

10. Rectification Report Upload by Auditor through Audit login: Once received from Society

11. Auditor will verify following  registers maintained by society 

         Statutory Register:- 

1. I Register

2. J Register

3. Property Register

4. Share Register

5. Nomination Register

6. Sinking Fund Register

7. Associate Membership Register

8. Mortgage / Loan Register

9. Managing Committee Meeting Minutes Book

10. General Body Meeting Minutes Book

11. Tenant Register

12. Vehicle register

13. Inventory / Asset Register

14. Investment Register

Books of accounts as per bye law.

1. Bank Register

2. Cash Register

3. Journal Register

4. Income and Expenses Report

5. Receipts & Payment Report

6. Balance Sheet

7. Investment Register

8. Fixed Asset Register

.

12. Income Tax  :-  The society needs to pay advance tax, in case its advance tax liability exceeds Rs 10,000 for a year in four installments on June 15, September 15, December 15 and March 15, in the ratio of 15 per cent, 30 per cent, 30 per cent and 25 per cent of the aggregate advance tax liability.

13. TDS:-  The due date for Monthly payment of tax so deducted at source is 7th of next month. Interest will be levied at 1% for every month or part of a month for delay in deduction of tax and at 1.5% for every month or part of a month for delay in remittance of tax after deduction.

TDS returns are filled on quarterly basis. Due date for return filling is as under:

Quarter Month Span Last Date of Filling

1st Quarter April – June 31st July

2nd Quarter July – Sept 31st Oct

3rd Quarter Oct-Dec 31st Jan

4th Quarter Jan-March 31st May

Under Section 234E of Income Tax Act, you will have to pay a fine of Rs. 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS.

14. GST (Goods & Service Tax)

All housing society that exceeds 20 lakhs of revenue must obtain GST registration. However, if the monthly contribution received from its member is less than Rs. 7500, no GST is to be charged by the housing society on the monthly bill raised by the society. Further, other dues such as property tax and electricity charges, are exempt from GST and will not be included while calculating the limit of Rs. 7500.

Further, if the aggregate turnover of the society is up to only Rs. 20 lakh in a financial year, then such supplies would be exempted from GST even if charges per member are more than Rs. 7500. 

 

Compliance under GST:

Society who’s Annual Turnover Crosses Rs 20 Lakhs need to be Registered and such GST Registered Housing Society need to;

1. Issue a GST Tax Invoice to its Members

2. file 3 returns in a month.

GSTR-1 by 10th of following month for Outward Supply (Maintenance Charges)

GSTR-2 by 15th of following month for inward Supply (Expenses Side) and

GSTR-3 by 20th of following month for monthly consolidated return and

GSTR–9 by 31st December of the Following Year (Annual Return)

Thus in all 37 returns per year will have to be filled. It is mandatory to maintain proper Records of Supply & Expenses for a period of 72 months.

15. Electrical & Fire Audit

As per the Maharashtra Fire Prevention Act, 2006, Form  “ B “ for Fire safety equipment  should be submitted  in local fire station twice a year (Jan & July) by the certified / licensed agency

Fire Drill should be conducted twice in year 

Electrical and Fire Safety Audit should be done in every two year as per National Building Code 

16.    Lift Inspection  :- Once in year By PWD inspector 

17.  DG Return  :-  DG returns are filled on quarterly basis. Due date for return filling is as under:

Quarter Month Span Last Date of Filling

1st Quarter April – June 10TH  July

2nd Quarter July – Sept 10TH  Oct

3rd Quarter Oct-Dec 10TH  Jan

4th Quarter Jan-March 10TH  May

18.  Fountain license / Swimming pool license  :- In December every year from Pest Control Department MCGM 

19. NA Tax / Lease Payment to  Tahsildar /  Collector Office :-   In December  every year 

20. Education and Training :-  Take Training from Maharashtra Rajya Sahakari Sangh for MC members and Society members and obtain  Training Certificate  from them.  Payment of Training  can be done from Education and Training Fund 

I hope that you people are following the same as ignorance of law is not an excuse.

Regards,

Dayanand Nene

Member, Saket Managing Committee