Short Answer

Audit statements under the Gujarat Cooperative Societies Act, 1961 do not need to be filed with any other authority like income tax, even if exempt.

Detailed Explanation

Section 81 of the Gujarat Cooperative Societies Act, 1961 mandates that every cooperative society shall prepare an annual statement of accounts and balance sheet, which shall be audited by a qualified auditor. This audit statement is required to be submitted to the Registrar of Cooperative Societies, as per Rule 87 of the Gujarat Cooperative Societies Rules, 1965. The audit statement is primarily for the Registrar's scrutiny to ensure compliance with the Act and Rules.

In practice, the audit statement is a crucial document for cooperative societies as it reflects their financial health and compliance with legal requirements. It helps in maintaining transparency and accountability within the society. While the audit statement is not required to be filed with income tax authorities, it is essential for internal governance and regulatory purposes within the cooperative society.

Real-world Scenarios

• A cooperative housing society in Gujarat engages a qualified auditor to prepare its annual audit statement as required by Section 81 of the Act. The audit statement is then submitted to the Registrar of Cooperative Societies for review and compliance verification.

• A cooperative credit society conducts its annual audit and submits the audit statement to the Registrar to ensure adherence to financial regulations and cooperative principles.

• A cooperative agricultural society presents its audit statement during the annual general meeting to provide transparency to its members regarding financial operations and compliance with the Act.

References

• Section 81 of the Gujarat Cooperative Societies Act, 1961: [Official PDF]

• Rule 87 of the Gujarat Cooperative Societies Rules, 1965: [Official PDF]