31st March marks the closure of the Co-operative Year, so all CHS please ensure that various task are completed on time says Adv. R. P. Rathod.

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.

·               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.

·               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.