Section 49A(1) in The Maharashtra Cooperative Societies Rules, 1961
(1)A society shall calculate the net profits by deducting the following from the gross profits for the year -(i)all interest accrued and accruing oh amounts of overdue loans (excepting overdue amounts of loans against fixed deposit, gold, etc.);(ii)interest payable on loans and deposits;(iii)establishment charges;(iv)audit fees or supervision fees;(v)working expenses including repairs, [and maintenance] rent and taxes;(vi)depreciation;(vii)bonus payable to employees under the Payment of Bonus Act, 1965;(viii)provision for payment of Income-tax;(ix)amount to be [earmarked as contribution to the co-operative education and training in terms of fees] [Substituted 'paid as contribution to the Education Fund at the State Federal Society' by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).] which may be notified by the State Government in this behalf;(x)[ provision for Election Fund for payment of election expenses;] [Substituted by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).](xi)provision for bad and doubtful debts;(xii)provision for share capital Redemption Fund;(xiii)provision for Investment Fluctuations Fund;(xiv)provision for retirement benefits to the employees;(xv)provision for any other claims admissible under any other law;(xvi)provision for bad debts and revenue losses not adjusted against any fund created out of profits.(xvii)[ expenses on advertisement, propaganda and publicity relating to activities and the business of the society not exceeding the ceiling limit as specified by the Registrar or State Government from time to time.] [Inserted by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).]
