(1) Sub-Section (1) of Section-54 of Act 27 of 2005 shall be substituted by the following, namely— “(1) Every specified dealer shall, for the purposes of this Act, get his annual accounts audited by an accountant before the due date within the meaning of the
Explanation to sub-Section (3) of section-24 of this Act.
Explanation.— For the purposes of this sub-Section, the expression “specified dealer” shall mean—
(a) a Company within the meaning of the Companies Act, 1956; and
(b) a dealer other than a Company, as aforesaid, whose gross turnover exceeds one crore rupees.”
(2) Sub-Section (4) of Section-54 of Act 27 of 2005 shall be substituted by the following, namely— “(4) (a) If a dealer contravenes the provisions of sub-Section (2) or sub-Section (3), he shall be liable to pay, by way of fine, a sum of five thousand rupees for each 7 �बहार गजट (असाधारण), 27 ebZ 2011 month, or part thereof, of the delay, subject to a maximum of fifty thousand rupees.”.
(b) The fine specified in clause (a) shall be paid by the concerned dealer, in the manner prescribed, before furnishing the report or, as the case maybe, the accounts and statements.”