Co-operative housing society audit

Every co-operative housing society in Maharashtra must have its accounts audited each year by an auditor appointed at its general body meeting. The audit report and the class it awards are, in effect, an annual health check of the members' money.

What the audit covers

• Maintenance and other collections — billing, receipts and arrears.
• Funds — sinking fund, repair and maintenance fund and their use.
• Expenses and contracts — approvals, quotations and payments.
• Statutory compliance — GST on maintenance where applicable, TDS on contractor and professional payments, and property tax.
• Records — registers, minutes and member records maintained by the committee.
• Audit classification awarded on the basis of the society's working.

GST on maintenance

GST applies to a member's maintenance charges when they exceed ₹7,500 per month and the society's annual turnover exceeds ₹20 lakh. Where it applies, it is levied on the full amount, not only the excess. Committees should review both limits every year.

Societies heading into redevelopment

Audited accounts, clean member records and settled dues make redevelopment negotiations smoother. See redevelopment due diligence.

Frequently asked questions

This page is general information on the law as it stood when written, not professional advice for any specific case. Rules, forms and due dates change; check the current position before acting.