On the occasion of Eid-Ul- Zuha Govt. of Uttar Pradesh has presented great gift by being authorized Cost Accountants(CMAs) to Verification & Audit of books of Accounts of Dealers Exceeding gross turnover Rs 1 Crore under Uttar Pradesh VAT vide Ordinance no 37 0f 2007 dated 20th Dec 2007.
Relevant Extract of the ordinance may please be read as Follows:--
17) If in respect of any particular assessment year, gross turnover of
Purchase or sale or both, as the case may be, of any dealer exceeds
Rupees one core, then such dealer shall get his accounts verified and
Audited by a specified authority within six months from end of that
Assessment year and obtain within that period a report of such audit in
The prescribed form duly signed and verified by such specified
Authority along with such particulars as may be prescribed. A true copy
Of such report shall be furnished by such dealer to the assessing
Authority within such period as may be prescribed.
Explanation: For the purpose of this section, expression "specified
Authority" means-
(i) a Chartered Accountant within the meaning of the Chartered
Accountants Act, 1940 and includes persons by virtue of
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;
(ii) a Cost Accountant within the meaning of the Cost and Works
Accountant Act, 1959;
(iii) any other authority specified by the State Government
Relevant Extract of the ordinance may please be read as Follows:--
17) If in respect of any particular assessment year, gross turnover of
Purchase or sale or both, as the case may be, of any dealer exceeds
Rupees one core, then such dealer shall get his accounts verified and
Audited by a specified authority within six months from end of that
Assessment year and obtain within that period a report of such audit in
The prescribed form duly signed and verified by such specified
Authority along with such particulars as may be prescribed. A true copy
Of such report shall be furnished by such dealer to the assessing
Authority within such period as may be prescribed.
Explanation: For the purpose of this section, expression "specified
Authority" means-
(i) a Chartered Accountant within the meaning of the Chartered
Accountants Act, 1940 and includes persons by virtue of
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;
(ii) a Cost Accountant within the meaning of the Cost and Works
Accountant Act, 1959;
(iii) any other authority specified by the State Government
CAclubindia
