(1) Every dealer required to furnish audit report under sub-section (2) of section 39 shall furnish the audit report prepared by a chartered accountant in Form 41-A, to the appropriate Commercial tax officer or any other officer authorized by the commissioner in this behalf by 31st October of the succeeding year.
Provided that a dealer who is an industrial unit having annual turnover of ten crore rupees or less may furnish the audit report prepared by a member of institute of Cost and Works Accountants:
Provided further that the audit report can be furnished upto 31st December of the succeeding year with a late fee of rupees 100/= per day.
(2) If the Commissioner considers it necessary that a dealer or class of dealers shall maintain accounts including records of sale or purchase in a particular form, he shall, after recording reasons therefor in writing -
(i) by issue of an order to such dealer, direct him; or
(ii) by issue of a notification under sub-section (3) of section 39, direct such class of dealers,
to maintain accounts in the form appended to the order/notification after the expiry of the month following that in which such order or notification is made or issued, as the case may be.