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 or any other officer authorised by Commissioner in this behalf] [Substituted by Notification No. F-A-3-65-07-1-V (01), dated 3-1-2008.] 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 :[Provided that a dealer who is an industrial unit having annual turnover often crore rupees or less may furnish the audit report prepared by a member of Institute of Cost and Works Accountants.] [Inserted by Notification No. F-A-5-7-2006-1-V (40), dated 14-6-2006.](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.
