24. Self -Assessment

Return furnished under sub section (1) or sub section (3) or sub section (4) of section 7 for any year by a dealer who has been previously assessed to tax for two or more years shall be accepted under sub section (6) of section 7 of the Act or the Rules provided the following conditions are satisfied :-

(i) The taxable turnover of the year and of the preceding two years does not exceed Rs. One lac.

Provided that the Government may by notification from time to time, fix any other limit for the annual taxable turnover for any year/years with such other conditions as may be laid down by the Government in this behalf.

(ii) The dealer has not concealed any part of the taxable turnover or furnished incorrect particulars thereof, in the return for any of the said years.

(iii) The dealer is not liable to penalty under section 15(5) or section 15-A (4) or section 17(1) (d) for any of the said years.

(iv) The quarterly returns complete in all respects have been furnished and the tax due thereon has been paid.

(v) The annual return for the year has been furnished and is complete in all respects.

(vi) The dealer has rendered account of all the "C" forms/ "D" forms issued to him and utilized in respect of purchases made during the accounting year in respect of which the assessment is to be made.

Notwithstanding anything contained in rule 24, returns furnished by the dealers under sub section (1) or sub section (3) of section 7 for the accounting years upto and including 1999-2000 for which assessments are yet to be finalized, shall be accepted under sub section (6) of section 7 of the Act subject to the condition that the taxable turnover of the dealer does not exceed Rs. 10 lacs.

The acceptance of the turnover as above shall not, however, immune a dealer from being proceeded against under sub section (11) of section 7 read with section 17 of the Act.