Extract of Bihar Finance Act, 2008

[Bihar Act 12 of 2008]

(Dated : 2nd April, 2008)

Preamble: To amend the Bihar Value Added Tax Act, 2005 (Act 27 of 2005)

Be it enacted by the legislative of the State of Bihar in the fifty-ninth year of Republic of India as follows :-

1. Short title, extent and commencement.-

(1) This Act may be called the Bihar Finance Act, 2008.

(2) It shall extend to the whole of the State of Bihar.

(3) It shall come into force at once.

Part-I

Amendment of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005).

2. Amendment of Section 54(2) of Bihar Act 27 of 2005-

Explanation 2 of Section 54(2) shall be substituted in the manner, namely:-

"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."