The Co-operative Year
2011-12 will end on March 31, 2012. Immediately
after the close of the year, the Office-Bearers
and the Managing Committee members
have to complete the following
works:
· Updating all the
Statutory Registers: During the year
if any transfer of shares and interest had
taken place, the changes should
be recorded in the Register of members in 'I' form,
the List of Members in 'J' form, the Share Transfer
Register and also in the Share Register. The list
of the new members should be
incorporated in the Annual Report to be
presented in the AGM.
· Updating the Minutes of the Managing
Committee Meetings and the Annual General Body Meetings: Remember during the said Co-operative Year
you should have conducted at least 12
Managing Committee
meetings.
· Finalisation of
Accounts and Statutory Audit: The
treasurer and the society accountant should prepare
the final Income
and Expenditure A/C
for the year ended March 31, 2012, and the
Balance sheet as at March 31, 2012. These statements
along with the Internal Auditors Report should
be placed
before the Managing Committee meeting
for its approval and then handed
to the Society’s Statutory Auditor
by May 31, doing things earlier
is always better. The Audit of the Accounts
should be conducted by the society from the auditor
who is empanelled on the Panel
of the Registrar Co-operative Societies.
On completion of audit, the auditor
submits an Audit Memorandum to the society and the
Registrar.
· Contribution to the Education Fund: Every CHS as per Maharashtra
Co-operative Act 1960 and Rules 1961 made there under have to compulsorily
contribute Rs. 3 per member per annum
as Education Fund.
Contribution to the fund should be made
in the name of Maharashtra Rajya Sarkari Sangh Ltd.,
Pune. If this amount is not paid, it can be
recovered by Maharashtra Rajya Sarkari Sangh Ltd.
as arrears
of land revenue
(by auctioning the building) and the society Statutory Auditor would also
make a remark in the Audit Report.
· Contribution to the Statutory Reserve Fund: As
per Bye-law No. 149,
after providing for the interest upon any loans and
deposits and after making such other deductions
as required under Section 65(1) and 66 of
the Maharashtra
Co-operative Societies Act 1960 and Rule 49A of the Maharashtra
Co-operative Societies Rules 1961, 25% of the net profits
of all the business carried on by or
on account
of the society shall be placed at the
credit of the Reserve Fund of the society.
The remaining 75% of the net profit
of the society shall be utilised
as provided under Rule 50, 51, 52, 53 of
the Maharashtra
Co-operative Societies Rules 1961.
· Contribution to the Statutory Sinking Fund: As
per the provisions of the Bye-laws
the Sinking Fund
has to be set aside and the deficit amounts
of Sinking Fund has to be invested in Fixed Deposits.
· Write-off of Outstanding Fund Irrecoverable: The society
may write off any loan and interest thereon society's
charges due from members, the expenses
incurred on recovery thereof and
the accumulated
losses which are certified as irrecoverable
by the Statutory Auditors.
·
Confirmation of dues from members and
issue notices to the defaulters: It is
the duty of the secretary to issue a letter
to all the members to confirm the dues which
will be incorporated in the final accounts
and no suggestions
would be entertained thereafter. If
there are any major defaulters, a notice
should be issued to them to make the
payment thereof.
· Filing of Income Tax Return:
After the accounts are closed and audited
the return under Sec. 139 of the Income Tax Act 1961
should be filed by every society by September 30, 2012.
If the return is not filed before
the end Assessment Year by March 31, 2013,
under Sec. 27IF
of the Income Tax Act 1961 the society
will be liable to a penalty of Rs. 5,000 and
also the society may be compelled
to pay penalty up to 300% of the taxable amount
under Sec. 271
(1) (c) of the Income Tax Act 1961.
·
Filing of TDS Return: A society has to
file Quarterly Return in Form No. 26Q
comprising details of the TDS payment made during
the quarter.
This Return is required to be deposited
within 15 days
of the expiry of each quarter. In case if
it is the last quarter of the financial year,
then the return shall be filed within 45 days
from the close of the financial year's
last quarter.
·
Notice of the AGM: As per the provision of Bye-laws, in
case of the AGMs, 14 clear day's
notice shall be given to all the members of the society,
under intimation to the Federation
and to the Registering authority.
·
Holding of the
AGM: The society should hold the AGM
on or before August 14. If it
is not possible
to hold the AGM within the stipulated time,
the society has to apply to the Assistant/ Deputy Registrar
for extension of
time. The extension of time, if
granted can be only upto November 14, 2012. The
summary of the Audit Memorandum should
be read out
at the AGM.
· Preparation of the Managing Committee Report: The Managing Committee has to
prepare its report on works established
in the previous Co-operative Year and this
report
has to be read in the AGM.
·
Preparation of the Audit Rectification Report: On receipt of the audit reports
from the Statutory and Internal Auditors,
the Secretary
of the society shall prepare draft Audit Rectification Reports
on the objects raised and suggestions
made in the form 'O' prescribed under
Rule 73 of the Maharashtra
Co-operative Societies Rules 1961 and place the same before
the meeting of the Managing Committee held next after
the date of the receipt of the audit reports,
for its approval. Further action
on the audit rectification
report should be taken as provided under the said
rule.
Further
the society
should ensure to file copies of the Financial Statements
along with the Audit Rectification Report
with the Office of the Registrar,
Co-operative societies within whose jurisdiction the society
is situated
concludes Adv. R. P. Rathod.
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