Section 43A(1) in The M.P. Co-Operative Societies Act, 1960
(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.
