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At the year end, every registered society need to follow the statutory requirement. This is a general circular, which may or may not applicable to some societies. Update all statutory registers. I form, J Form, Share Register: - Verify for all the transfers approved during the year and earlier, and update, if not updated at the time of transfers. Nomination Register: Verify for all the nominations approved by the Committee during the year, and ensure that they are recorded in the Nomination Register. Send a Circular to all members who have not yet filed their nominations. Sinking Fund Register: Update the Sinking Fund Register with entries for the current year. Investment Register: Update the Investment Register and ensure that all the Investments are properly recorded. Share Certificates: Send a reminder letter to collect the Share Certificate, for all the undelivered Share Certificates. Share Certificate can be delivered to only to the member or through a letter of authority. Dead Stock Register / Fixed Assets Register: Enter all the fixed assets purchased for the year. Enter all the depreciation provided for the last year, if not entered, and enter all the depreciation for the current year after you receive the Balance Sheet as per the entries from the Balance Sheet. Statutory Investments Ensure that the Sinking Fund contributions are invested fully. If there is any shortfall of previous year, invest that also. Invest for the current year contributions. Other Investments Please do not keep high balance in SB Account. Keep them in Fixed Deposits. Ensure that all the Fixed Deposits which are matured are renewed. Repair Fund collected but not utilized, may also be kept under separate Repair Fund Investments. Election Verify from the AGM Minutes book, when the election was last held. The previous election to the Managing Committee is for 3 years. If election is due during the current year, Appoint a returning officer – by Managing Committee by 30th of April. Follow the procedure stated in Election Rules of your Bye_Laws and prepare the election chedule. Appointment of Statutory Auditor. If the Auditor has not been appointed by the General Body [Please refer the AGM Minutes], the Managing Committee has to appoint the Statutory Auditor. The same Statutory Auditor cannot continue for more than 2 years. The Statutory auditor has to be changed every third year. Refer to the last two Balance Sheets, and if the same auditor is continuing, need to appoint the new Auditor. Audit Rectification Report. Within three months of Receipt of Audit Report, Audit Rectification Report must be filed with the Dy. Registrar. If it is not done, please do the same immediately. If the Society needs our help, please inform immediately, to prepare the Audit Rectification Report. Where we are handling only Accounts, we prepare the same and submit to the Dy. Registrar, for a nominal charges of Rs 600/-. Send a copy of the acknowledgement paper to us. Income Tax Return: Filing of Income Tax Return for a Housing Society is compulsory. If the Society has not yet filed IT Return for previous year, it may be filed along with interest, if any, before 31st of March. After 31st of March, there will be penalty. If the Society has not got PAN Number, it has to apply for the same. We liaison with Mr S D Kunder, Chartered Accountant for filing of Income Tax Return. [Their charges shall be payable by the Society.] Inform us if PAN Number is received by you, along with the copy of the information letter / PAN CARD. Society123.com offers you hassle-free platform to transform your Society into online Society Management, Society Accounting, Society Communication, making it highly functional and easily manageable
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