Amendment status not verified — confirm the current text below against the official source.
Inserted by Act No.33 of 2007. Accounts and audit. 72 [Act No. 30 of 1987] (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 60[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) The accounts of every other institution or endowment, the annual income of which calculated as aforesaid for the financial year immediately preceding is not less than 60[rupees two lakhs], shall be audited annually, or if the Commissioner so direct in any case, at shorter intervals. (c) The accounts of any charitable or religious institution or endowment, the annual income of which calculated as aforesaid for the financial year immediately preceding is less than 60[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.