Section 43A in The M.P. Co-Operative Societies Act, 1960
43A. [ Appropriation of profits. [Inserted by M.P. Act No. 28 of 1982 [w.e.f. 29-10-1982].]
(1)A society earning profit shall calculate the net profit by deducting from the gross profits for the year the following-(a)[ all overdue interest accrued on loan accounts.](b)management charges;(c)interest payable on loans and deposits;(d)audit fee;(e)working expenses, including repairs, rent, taxes;(f)depreciation;(g)bonus payable to employees under the Payment of Bonus Act, 1965 (No. 21 of 1965);(h)provision for payment of income-tax;(i)provision for payment of subscription to the State/District Cooperative Union as may be notified;(j)provision for development fund, bad debt fund, price fluctuation fund, dividend equalisation fund, investment fluctuation fund and such other funds as may be specified by the Registrar in this behalf;(k)provision for retirement benefits to employees and in the case of societies engaged in consumer goods business, provision for purchase rebate to be paid to the members; and(l)provision for writing off bad debts and losses not adjusted against any fund created out of profits.(2)A society may, however, add to the net profits of the year, interest accrued in the preceding years but actually recovered during the year; the net profits thus arrived at, together with the amount of the profits brought forward from the previous year, shall be available for appropriation for the purposes of Section 43.]
