Sunday 4 November 2012

BANK A/C , FIX DEPOSIT, PAN & TAN OF THE SOCIETY


  • As per Bye-Laws No. 114 Society shall open the Saving  Bank A/C in the nearest Dist. Central Co-Operative Bank OR Maharashtra State Co-Operative Bank OR it's Branch [This is society Main A/c(CP A/C which is transfer after Proposed Society get its Registration Certificate in the name of Reg. Society)]
  • For day to day maintenance Society can open other Saving Bank A/C [if needed , else operate through main A/C only]  in the nearest Scheduled Co-Op. Bank. If A/C has to open in Nationalized Bank then prior permission of Registrar is need and normally Registrar give the permission as per Bye-Laws No. 114
  • SOCIETY CAN NOT OPEN ANY A/C IN PRIVATE BANK.
  • Many society close the Main A/C in Maharashtra State Co-Op. Bank  OR Dist. Central Co-Op. Bank. This is totally wrong. Once you close your Main A/C in Maharashtra State Co-Op. Bank OR Dist. Central Co-Op. Bank means that your Society is de-register.[This is happen in Mumbai where many Accountant & GDCA suggest the society to close the account from Maharashtra State Co-op. Bank OR from The Greater Bombay Dist.Co-Op.Bank]
  • All long term Investment [more then 1 year] Like Sinking Fund, Share capital Fix Deposit has to be done in State OR Dist. Co-Op. Bank Only as per Bye-Laws No. 114 
  • After Society get register Society has to apply for PAN & TAN No. in IT Dept. since now both are required PAN for filling IT Return and TAN for Service Tax.         

5 comments:

  1. We are a registered co-op housing society in mumbai...recently our secretary has passed away we don't have any tan & pan details...can u plz suggest me how to get these details?

    ReplyDelete
    Replies
    1. search in your office record if any application is done for obtaining PAN or TAN. Other way is ask your auditor for the same. Other option is check with your bank is any PAN & TAN copy submitted

      Delete
  2. We are a registered co-op housing society in mumbai...recently our secretary has passed away we don't have any tan & pan details...can u plz suggest me how to get these details?

    ReplyDelete
    Replies
    1. search in your office record if any application is done for obtaining PAN or TAN. Other way is ask your auditor for the same. Other option is check with your bank is any PAN & TAN copy submitted

      Delete

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