54. Furnishing of audit report by certain dealers and conditions for requiring a dealer or class of dealers to maintain accounts in different form and manner

(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 for the purpose of income tax, to the appropriate Commercial Tax Officer by 31st October of the succeeding year. Separate details pertaining to the business done in the State of Madhya Pradesh shall be included in the audit report .

(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.