Section 52(2) in The Bihar Value Added Tax Act, 2005
(2)Such dealers or persons, as may be prescribed, and such other dealers to whom sub-section (1) applies, shall, at the end of each financial year, draw up, in the manner as may be prescribed,-(a)a manufacturing, trading and profit and loss account and a balance sheet, in the case of a manufacturer; and(b)such accounts as may be prescribed, in any other case:Provided that no accounts referred to in sub-section (1) shall be considered, true and complete unless such accounts enable the prescribed authority to compute the tax payable and the entitlement of input tax credit under the provisions of this Act:Provided further that the accounts referred to in sub-section (1) shall not be considered true and complete unless they give a true and fair view-(i)of the state of affairs of the dealer or the person as at the end of the financial year, in the case of the balance sheet; and(ii)of the working results of the dealer or the person for the financial year, in the case of the manufacturing, trading and profit and loss account.
