QUESTION
From- Bhavesh C Vyas
What is a Society Accounts? Can anybody tell me in brief about the society accounts. How the returns are prepared and submitted accordingly. Pls. let me know.
ANSWER
Hi Bhavesh,
Societies are generally for Non-Profit , thus in society accounts are prepared to know the difference of Income (generally in the form of Donations, Membership Fees and Receipts from business incidental to charitable or religious objects) from expenses (generally for charitable purpose).
There are three types of accounts or statement to be prepared for society
1. Income & Expenditure A/C
2. Receipt & Payment A/C
3. Balance Sheet
If the society is registered under section 12A, the accounts mentioned above has to be audited by a Chartered Accountant and report is to be e-filed from Assessment Year 2013-14.
For return there are two types of return for society
1. ITR 5 and
2. ITR 7
ITR 7 is to be used by societies who are formed for charitable or religious purposes and for societies other than these please use ITR 5.
From this Assessment Year both the types of return can be e-filed or manually filed. For the audited society only e-filing option is available.
Hope this will solve your query, for further query please comment on this post or use Contact Us form.
From- Bhavesh C Vyas
What is a Society Accounts? Can anybody tell me in brief about the society accounts. How the returns are prepared and submitted accordingly. Pls. let me know.
ANSWER
Hi Bhavesh,
Societies are generally for Non-Profit , thus in society accounts are prepared to know the difference of Income (generally in the form of Donations, Membership Fees and Receipts from business incidental to charitable or religious objects) from expenses (generally for charitable purpose).
There are three types of accounts or statement to be prepared for society
1. Income & Expenditure A/C
2. Receipt & Payment A/C
3. Balance Sheet
If the society is registered under section 12A, the accounts mentioned above has to be audited by a Chartered Accountant and report is to be e-filed from Assessment Year 2013-14.
For return there are two types of return for society
1. ITR 5 and
2. ITR 7
ITR 7 is to be used by societies who are formed for charitable or religious purposes and for societies other than these please use ITR 5.
From this Assessment Year both the types of return can be e-filed or manually filed. For the audited society only e-filing option is available.
Hope this will solve your query, for further query please comment on this post or use Contact Us form.
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