Amendment status not verified — confirm the current text below against the official source.
(1) If in respect of any particular year, total turnover of a 122[dealer exceeds such amount, not being less than one crore, as may be prescribed] then such dealer shall get his accounts verified and audited by a specified authority 123[within 124[nine months]] from the end of that year and obtain within that period a report of such audit in the prescribed form duly signed and verified by such specified authority alongwith such particulars as may be prescribed. A true copy of such report shall be furnished by such dealer to the Commissioner within such period as may be prescribed. Explanation.-- For the purposes of this section, "specified authority" means,- (i) a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 and includes persons who by virtue of the provisions of sub-section (2) of section 226 of the Companies Act, 1956, is entitled to be appointed to act as an auditor of companies;