CO-OPERATIVE SOCIETIES PRINCIPLE OF MUTUALITY WWW.WEBSOFETX.COM
PRINCIPLE OF MUTUALITY • Income of the co-operative society to that the philosophy of Mutuality applies is not ratable. • A co-operative society may be a mutual association.
MUTUAL ASSOCIATION • A mutual association is one during which the members of the cluster close for a typical objective, contribute for achieving that objective and participate within the surplus arising out of it.
PRINCIPLE OF MUTUALITY It is not necessary that each one the members have to be compelled to contribute to common fund and every one the members have to be compelled to take good thing about the resultant surplus.
PRINCIPLE OF MUTUALITY It is spare though some members could contribute and a few members could solely take profit, conception of mutuality can still apply if all members area unit lined by similar conditions and have similar entitlements.
PRINCIPLE OF MUTUALITY If a society carries on some activities that area unit mutual and a few activities that are not, then the conception would apply to solely those activities that area unit mutual.
PRINCIPLE OF MUTUALITY • In respect of contributions from members, conception of mutuality would be applicable. • Surplus arising out of contributions would be lined by conception of mutuality and thus not associate degree financial gain the least bit.
Due Dates For Co-Operative Society Audits 1. According to the latest circular on Co-Operative Society Audits, below are some important dates: 2. Finalization of Acts 15 May 3. Accounts to be handed over for Audit 1 June
Due Dates For Co-Operative Society Audits 4. Audit Completion: 31 July 5. Audit Report Upload 31 Aug or 15 Sept. 6. AGM Date 30 Sept.
Due Dates For Co-Operative Society Audits 7. Mandatory Annual Return by Society – by 30 Sept. 8. Mandatory Return by Society about Auditor Appointment – One month from AGM or 31 Oct
Due Dates For Co-Operative Society Audits 9. Online Audit Order Generation by Auditor 31 Oct. 10. Audit Rectification Report by Society: 3 months from the date of submission of report by auditor. 11. Rectification Report Upload by Auditor through Audit login: Once received from Society