(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 authorised by the Commissioner in this behalf by 15th November of the succeeding year;

Provided that,-

(i) a dealer having annual turnover of ten crore rupees or less may furnish the audit report prepared for the purpose of Income Tax. Separate details pertaining to the business done in the State of Madhya Pradesh shall be included in the audit report;

(ii) for determination of annual turnover under clause (i), the turnover of goods specified in Schedule I (other than all varieties of fabrics specified against serial number 43, and sugar including khandsari and Palmyra ] shall not be included;

(iii) 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 of India;

(iv) the audit report can be furnished upto 31st December of the succeeding year with a late fee of rupees 100/- per day.

(v) the audit report pertaining to the year 2011-2012 can be furnished upto 28th February, 2013 without a late fee.

(2) Notwithstanding anything to the contrary contained in sub-rule (1), a dealer having annual turnover of ten crore rupees or less and dealing in the goods as may be notified by the State Government, shall furnish the audit report in Form 41-A.

(3) 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.