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26. Tax Period . (1) Subject to sub-rule (2) of this rule, the tax period for all the dealers shall be a quarter.
(2) The tax period of a dealer who ceases to be registered, shall ceases–
(a) if the registration is cancelled by the Commissioner, on the date specified by the Commissioner as the date on which the dealer’s registration ceases to have effect;
(b) where the dealer dies or is wound up, on the date of death or winding up;
(c) in any other case, on the date of cancellation of the registration.
(3) A dealer to whom clause (a) of sub rule (1) applies, can opt the tax period of one month and the option so exercised by him during a particular year by furnishing an intimation in accordance with sub-rule (4) of this rule, shall not be changed during that year.
(4)An intimation for change in tax period in accordance with sub-rule (1) or subrule
(3) of this rule shall be furnished to the Commissioner in Form DVAT 55 within 15 days from the first day of the year in which tax period is being changed:
PROVIDED that for the year 2005-06, intimation for change of tax period shall be furnished within fifteen days from the date of notification of these rules:
PROVIDED FURTHER that any delay in furnishing the intimation under this rule shall not be condonable.
(5) For a dealer, to whom a certificate of registration has been granted for the first time, his tax period, till the end of the year of registration, shall be a quarter and his first tax period shall commence from the date of his liability.
(6) For the purpose of sub-rule (1), the “turnover” of a dealer shall not include turnover from-
(a) the sale of capital assets;
(b) sales made in the course of winding up the dealer’s activities; and
(c) sales made as part of the permanent diminution of the dealer’s activities.
Explanation - For the purposes of this sub-rule, adequate proof of a dealer’s turnover shall be a copy of the following documents:-
(i) the annual audited accounts of the dealer for the three previous years or the annual accounts duly certified by the dealer where the accounts of the dealer are not required to be audited under any law for the time being in force.
(ii) income tax returns furnished by the dealer for the three previous
years duly certified by him or his Accountant.
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