(1) Where in any particular year gross turnover of a dealer exceeds five crore rupees or such other amount as the State Government may, by notification in the Official Gazette, specify, then such dealer shall get his accounts, in respect of that year, audited by an accountant and obtain a report of such audit duly signed and verified by such accountant and setting forth such particulars as may by prescribed.

(2) A true copy of such report shall be furnished by such dealers to the assessing authority along with the annual return as prescribed in section 25.

(3) Where in any particular year gross turnover of a dealer exceeds one crore rupees but does not exceed five crore rupees then such dealer shall furnish a true copy of the audit report of his accounts duly signed and verified by a chartered accountant, or a Cost Accountant or an Auditor. This report shall be submitted to the assessing authority along with the annual return as prescribed in Section 25.

Explanation- For the purpose of this Section. "Accountant" means a Chartered Accountant as defined in the Chartered Accountant Act, 1949, a Cost Accountant as defined in the Cost and Works Accounts Act, 1959, and includes a person who by virtue of the provisions of sub-section (2) of Section 226 of the Companies Act, 1956, is entitled to be appointed to act as an auditor of Companies registered under the said Act.