Section 7 in Tamil Nadu Local Fund Audit Act, 2014
7. Liability of the Executive authority to prepare and present accounts for audit.
(1)The accounts of a local authority or local fund relating to every financial year shall be prepared or caused to be prepared by the Executive authority, within three months from the end of the financial year, in such form and in such manner as may be prescribed, and presented for audit.(2)Where an Executive authority makes default in the preparation and presentation of accounts for audit within the specified period, he shall be punishable with a fine of not less than one thousand rupees, which may extend to five thousand rupees and shall also be liable to departmental action:Provided that no such fine shall be imposed by the Director unless an opportunity of not less than fifteen days is given to show cause as to why it may not be imposed.(3)The Government may with hold release of funds to any authority which fails to furnish accounts for audit on expiry of three months from the specified period.
