Short Answer

Yes, societies are required to file an annual return with the Registrar after audit.

Detailed Explanation

Section 146 of the Gujarat Cooperative Societies Act, 1961 mandates that every cooperative society shall, within 6 months from the close of the financial year, prepare an annual report containing the audit report and a copy of the balance sheet. This report must be submitted to the Registrar along with the audit report. The audit report should be prepared by a qualified auditor appointed by the society.

This requirement ensures transparency and accountability in the functioning of cooperative societies. By filing the annual return with the Registrar after audit, the financial health and compliance of the society are verified. It also helps in identifying any irregularities or discrepancies in the financial statements.

In practice, the society's board of directors or managing committee is responsible for ensuring the timely preparation of the annual report and audit report. The auditor plays a crucial role in examining the financial records and providing an independent opinion on the financial statements. Once the audit is completed, the reports are submitted to the Registrar for review.

Real-world Scenarios

• Scenario 1: XYZ Cooperative Society completes its financial year on March 31st. Within the next 6 months, they prepare the annual report, including the audit report and balance sheet. The reports are then submitted to the Registrar for compliance.

• Scenario 2: ABC Housing Society appoints a qualified auditor to conduct the audit of their financial records for the year ending on December 31st. The auditor prepares the audit report, which is then submitted along with the annual return to the Registrar.

Reference

• Section 146 of the Gujarat Cooperative Societies Act, 1961: Official PDF