Sidhi & Associates

Co-operative society bookkeeping costs start at ₹5,000 per month for small societies with up to 50 members. For societies with 51-100 members, it costs ₹8,000 per month. Larger societies with 101-200 members cost ₹12,000 per month. The pricing includes monthly bookkeeping, maintenance accounting, member ledger management, and financial statement preparation. Annual packages come with additional benefits including free AGM support and annual return filing.

Society compliance includes monthly bookkeeping and accounting, AGM/SGM resolution drafting and support, annual return filing with Registrar of Co-operative Societies, statutory audit as per Act, income tax return (ITR-7) filing, GST compliance if applicable, maintenance accounting, member account management, committee meeting support, and handling all regulatory filings. We ensure 100% compliance with Co-operative Societies Act and Rules.

AGM (Annual General Meeting) must be conducted within 6 months from the close of financial year. For societies following April-March financial year, AGM should be held by 30th September. The AGM notice must be given at least 21 days in advance to all members. The meeting should present audited accounts, annual report, budget for next year, and elect new committee members if required. Annual return must then be filed within 30 days of AGM.

Non-filing or late filing of annual returns with the Registrar of Co-operative Societies attracts penalties ranging from ₹5,000 to ₹25,000 depending on the delay period and state regulations. Continued default can lead to supersession of the managing committee, appointment of an administrator by the Registrar, loss of tax exemptions, difficulty in getting loans, and in extreme cases, cancellation of society registration. We ensure timely filing to avoid all penalties.

Yes, co-operative societies are required to file income tax returns (ITR-7) if their income exceeds the basic exemption limit or if they have any taxable income. Housing societies typically claim exemptions under Section 80P for income from mutual activities. Interest income, rent from shops/parking, and other commercial income may be taxable. We help societies claim all eligible exemptions and file returns accurately to maintain tax compliance.

A co-operative society must maintain: Cash book showing all receipts and payments, Bank books for all bank accounts, Member register with complete member details, Share register showing share capital, Loan register if loans are given, Asset register for all properties and assets, Minute books for committee and general body meetings, Receipt and Payment account, Income and Expenditure account, and Balance Sheet. We maintain all these books as per Co-operative Societies Act requirements.

For AGM preparation, you need: Previous year's accounts and audit report, current year's financial statements (audited), committee annual report, budget for next financial year, list of defaulting members, details of major expenses and repairs, bank account statements, investment details, loan account status, proposed resolutions, notice to members (21 days advance), attendance sheet format, proxy forms, and voting procedure details. We prepare all these documents for your AGM.

Yes, we provide complete assistance for new co-operative society registration. Our services include drafting bye-laws as per your requirements, preparing all registration documents, obtaining promoter signatures, filing application with Registrar of Co-operative Societies, follow-up for approvals, obtaining registration certificate, and post-registration compliances. The entire process typically takes 2-3 months. Registration fees start at ₹15,000 including documentation and filing.

Our maintenance accounting includes: Monthly maintenance bill generation for all members, tracking of payments received, managing sinking fund and repair fund separately, defaulter identification and reports, interest calculation on overdue amounts, advance maintenance tracking, utility bill allocation, parking charges, and other income tracking. We provide detailed monthly reports to the committee showing collection efficiency, outstanding dues, and fund balances.

Housing societies are formed for construction, purchase, or management of residential properties and primarily deal with maintenance, repairs, and common facilities. Credit societies provide financial services like loans, deposits, and savings to members. While housing societies focus on property management, credit societies operate as financial institutions. Both are governed by Co-operative Societies Act but have different regulations. We provide specialized services for both types with expertise in their specific compliance requirements.