Amendment status not verified — confirm the current text below against the official source.
Accounts and audit - (1) The Executive Officer shall keep regular accounts of all receipts and disbursements, for each financial year separately in such 1 . Substituted by the Act No.33 of 2007, S.19 (w.e.f. 14-12-2007) 2 . Inserted by the Act No.33 of 2007, S.19 (w.e.f. 14-12-2007) form and containing such particulars as may be specified by the Commissioner. (2) (a) The accounts of every charitable or religious institution or endowment, the annual income of which as calculated for the purpose of section 65 for the financial year immediately preceding exceeds 1 [rupees twenty five lakhs] , shall be subject to concurrent audit, that is to say, the audit shall take place as and when expenditure is incurred. (b) Where the budget relates to an institution or endowment whose annual income, as referred to under section 65, exceeds 2 [rupees two lakhs], the budget shall also make provision for payment of such amount to the common good fund as may be prescribed.] (c) The accounts of any charitable or religious institution or endowment, the annual income of which calculated as aforesaid for the financial year immediately preceeding is less than 2[rupees two lakhs], shall be audited annually by an officer subordinate to the Assistant Commissioner and deputed by him for the purpose. (3) The audit referred to in clauses (a) and (b) of sub-section (2) shall be made by the agency referred to in section 63.