Self-assessment.

Section 59

Every registered person shall self assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39.

AI Explanation

Utilization of Fund for Consumer Welfare

The government is required to use all funds credited to the Fund for the benefit of consumers. The specific manner in which this should be done will be outlined in the prescribed guidelines.

Account Maintenance and Annual Reporting

The government or its specified authority must keep accurate and separate records related to the Fund. These records include accounts and other relevant documents. Annually, an account statement must be prepared, following a prescribed format. This process is carried out in consultation with the Comptroller and Auditor General of India.