62: Audit of Accounts:

(1) Where in any particular year gross turnover of a dealer exceeds forty lakh rupees or such other amount as the Commissioner may, by notification in the Official Gazette, specify, then such dealer shall get his accounts, in respect of that year, audited by an accountant before 31st October in the following year and obtain a report of such audit duly signed and verified by such accountant and setting forth such particulars as may be prescribed.

(2) A true copy of such report shall be furnished by such dealer to the assessing authority within two months after the expiry of the period during which the audit is required to be completed as per sub-section (1).

Explanation: For the purpose of this section, "Accountant" means a Chartered Accountant as defined in the Chartered Accountant' Act 1949, a Cost Accountant as defined in the Cost and Works Account's Act,1959, and includes a person 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 registered under the said Act.