Maharashtra Apartment Ownership Act 1970

M. R. Bhagwat (Querist) 25 October 2010 This query is : Open
Sir,

1 Is audit of common books of account compulsory ? If yes, please guide me with the Section/Rule number

2 Contribution received from apartment owners to the extent it exceeds the common expenses - will that be taxable under the Income Tax Act, 1961 ?

3 Is there no certificate of incorporation to be issued by the registrar - like a certificate of incorporation under the Companies Act, 1956 ?

-- M. R. Bhagwat, C.A.

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