20A. Self assessment

(1) Where a registered dealer other than the registered dealer referred to in the proviso to sub-section (1) of Section 20 has furnished,-

(a) all returns or revised returns for any period of a year in the prescribed manner and within prescribed time or before,

(i) 31st July of the subsequent year, in case of such dealer whose annual turnover does not exceed rupees forty lacs;

(ii) 31st October of the subsequent year, in other cases;

(b) has paid the tax payable according to such returns or revised returns as also interest payable, if any; and

(c) has furnished the statement under clause (b) of sub-section (1) of Section 18 within the prescribed time,

the returns or the revised returns furnished by such dealer for that year, subject to compliance of requirements made in the notice issued under the provisions of sub-section (5) of Section 18 and sub-section (6) of Section 19, shall be accepted and his assessment shall be deemed to have been made for the purpose of sub-section (1) of Section 20.

Provided that the assessment under this sub-section of every such registered dealer who is required to furnish audit report under sub-section (2) of Section 39 shall be deemed to have been made only after such dealer has furnished the audit report.

(2) Notwithstanding anything contained in sub-section (1), the Commissioner shall select for re-assessment a number of such dealers as he deems fit whose assessment for a year is deemed to have been made under sub-section (1) of Section 20 in accordance with the provisions of sub-section (1) and such selection shall be made during the year immediately following the said year.

(3) The Commissioner shall re-assess a registered dealer referred to in sub-section (2) in accordance with the provisions of Section 20.