(1) Every specified dealer shall, for the purposes of this Act, get his annual accounts audited by an accountant before the due date within the meaning of the Explanation to sub-Section (3) of section-24 of this Act.

Explanation.- For the purposes of this sub-Section, the expression "specified dealer" shall mean-

(a) a Company within the meaning of the Companies Act, 1956; and

(b) a dealer other than a Company, as aforesaid, whose gross turnover exceeds one crore rupees.

(2) Every dealer referred to in sub-section (1) shall obtain, by the date specified in that sub-section, a report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed and a true copy of such report shall be furnished by such dealer to the prescribed authority, on or before the due date within the meaning of the Explanation to sub-section (3) of section 24 of this Act.

Explanation-1: In this sub-section, due date means -

(a) where the dealer is a company within the meaning of the Companies Act, 1956, the 30th day of November of the year following the year to which such return relates;

(b) where the dealer is a person, other than a company -

i. in a case where the accounts of the dealer are required under this Act or any other law to be audited or where the report of an accountant is required to be furnished under this section, the 31st day of October of the year following the year to which such return relates;

ii. in any other case, 31st day of July of the year following the year to which such return relates.

Explanation 2.- For the purposes of this section, "accountant" means a Chartered Accountant within the meaning of the Chartered Accountants Act 1949 (38 of 1949) and institute of Cost and works Accountants of India Act, 1959 and includes a person who, by virtue of the provisions of sub section (2) of Section 226 of the Companies Act, 1956 (1 of 1956), is entitled to be appointed to act as an auditor of companies registered in any State.

(3) If the accounts of a registered dealer are not required to be audited in terms of the provisions of sub-section (1), such dealer shall furnish, to the prescribed authority, the accounts and statements mentioned in sub-section (2) of section 52 on or before the 31st day of July of the year following the year to which such accounts or statements relates.

(4) (a) If a dealer contravenes the provisions of sub-Section (2) or sub-Section (3), he shall be liable to pay, by way of fine, a sum of five thousand rupees for each month, or part thereof, of the delay, subject to a maximum of fifty thousand rupees."

(b) The fine specified in clause (a) shall be paid by the concerned dealer, in the manner prescribed, before furnishing the report or, as the case maybe, the accounts and statements.