61. Accounts to be audited in certain cases:-
(1) Every dealer liable to pay tax shall,-
(a) if the
(i) aggregate of his turnover of sales and the value of goods transferred to any other place of his business or of his agent or principal, situated outside the state not by reason of sale
(ii) turnover of purchases,
Exceeds rupees one crore in any year
2[(b) eleted
3[(c) if he holds an Entitlement Certificate in respect of any Package Scheme of Incentives, granted under this Act or, as the case may be, under the Bombay Sales Tax Act, 1959.]
get his accounts in respect of such year audited by an Accountant within the prescribed period from the end of that year and furnish within that period the 4[complete report of such audit] in the prescribed form duly signed and verified by such accountant and setting forth such particulars and certificates as may be prescribed.
5[Explanation-I.- For the purposes of this section an sub-section (1) of section 32A, “Accountant” means a Chartered Accountant within the meaning of the Chartered 6[Accountants Act, 1949 or a Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959 (23 of 1959)].
Explanation-II.- For the purposes of this section, an audit report shall be deemed to be the “complete audit report” only if all the items, certification, tables, schedules and annexures are filled appropriately and are arithmetically self-consistent.]
(2) If any dealer liable to get his accounts audited under sub-section (1) fails to furnish a copy of such report within the time as aforesaid, the Commissioner may, after giving the dealer a reasonable opportunity of’ being heard, impose on him, in addition to any tax payable, a sum by way of penalty equal to one tenth per cent. of the total sales 7[* * *]
9[(2A) Where a dealer liable to file audit report under this section has knowingly furnished the audit report which is not complete, then the Commissioner may, after giving a reasonable opportunity of being heard, impose on him, in addition to any tax payable or any other penalty leviable under this section or any other section, a sum by way of penalty equal to one tenth per cent., of the total sales.]
10[(3) Nothing in sub-sections (1) and (2) shall apply to Departments of the Union Government, any Department of any State Government, local authorities, the Railway Administration as defined under the Indian Railways Act, 1989 (24 of 1989), the Konkan Railway Corporation Limited and the Maharashtra State Road Transport Corporation constituted under the Road Transport Corporation Act, 1950 (64 of 1950).]
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1 These words were substituted for the words ‘exceed or exceeds rupees fourty lakh’ by Mah. Act No.XII of 2010 dt.29.04.2010 w.e.f. 1st May, 2010
2 Clause (b) was substituted by Mah. Act No. XIV of 2005, dated the 31st March, 2005 w.e.f. 1.4.2005.
3 Clause (c) was inserted by Mah. Act No.XII of 2010 dt.29.04.2010 w.e.f. 1st May, 2010
4 These words were substituted for the words “report of such audit” by Mah. Act No.XV of 2011 dt.21st April 2011 w.e.f.1st May 2011.
5 The existing explanation renumbered as I and explanation II newly added by by Mah. Act No.XVof 2011 dt.21st April 2011w.e.f.1st May 2011.
6 These words & figures were substituted for the words & figures “Accountants Act, 1949 (38 of 1949)” by Mah. Act No. XXV of 2007, dt. 6.8.2007 w.e.f. 15.8.2007 as per Notification No. VAT.1507/CR-57/Taxation-1, dt. 10.8.2007.
7 These words were deleted for the words “or as the case may be, purchases or a sum of one lakh rupees, whichever is less” by Mah. Act No. XXV of 2007, dt. 6.8.2007 w.e.f. 15.8.2007 as per Notification No. VAT.1507/CR-57/Taxation-1, dt. 10.8.2007. s.17(1)
8 Proviso was added by Mah. Act No. XIV of 2005, dt. 31st March, 2005 w.e.f. 1.4.2005
9 Sub-section(2A) inserted by Mah. Act No.XV of 2011 dt.21st April 2011 w.e.f.1st May 2011.
10 Sub-section (3) was added by Mah. Act No. XXV of 2007, dt. 6.8.2007 w.e.f. 15.8.2007 as per Notification No. VAT.1507/CR-57/Taxation-1, dt. 10.8.2007.
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