What is Budget accounts and audit under section 77 of The Real Estate (Regulation and Development Act, 2016). Budget accounts and audit are defined under Section 77 of the Act. Provisions under Section 77 are:
(1) The
Authority shall prepare a budget, maintain proper
accounts and other relevant records and prepare an
annual statement of accounts in such form as may be
prescribed by the appropriate Government in consultation
with the Comptroller and Auditor General
of India.
(2) The accounts of the Authority shall be audited by the Comptroller and Auditor General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Authority to the Comptroller and Auditor General of India.
(3) The Comptroller and Auditor-General and any person appointed by him in connection with the audit of the accounts of the Authority under this Act shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor General generally has in connection with the audit of Government accounts and, in particular shall have the right to demand and production of books, accounts, connected vouchers and other documents and papers, and to inspect any of the offices of the Authority.
(4) The accounts of the Authority, as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf, together with the audit report thereon shall be forwarded annually to the appropriate Government by the Authority and the appropriate Government shall cause the audit report to be laid, as soon as may be after it is received, before each House of Parliament or, as the case may be, before the State Legislature or the Union territory Legislature, where it consists of two Houses, or where such legislature consists of one House, before the House.
The Real Estate (Regulation and Development) Act, 2016
Section 61 : Penalty for contravention of other provisions of this Act
Section 62 : Penalty for non registration and contravention under sections 9 and 10
Section 63 : Penalty for failure to comply with orders of Authority by promoter
Section 64 : Penalty for failure to comply with orders of Appellate Tribunal by promoter
Section 65 : Penalty for failure to comply with orders of Authority by real estate agent
Section 66 : Penalty for failure to comply with orders of Appellate Tribunal by real estate agent
Section 67 : Penalty for failure to comply with orders of Authority by allottee
Section 68 : Penalty for failure to comply with orders of Appellate Tribunal by allottee
Section 69 : Offences by companies
Section 70 : Compounding of offences
Section 71 : Power to adjudicate
Section 72 : Factors to be taken into account by the adjudicating officer
CHAPTER IX FINANCE, ACCOUNTS, AUDITS AND REPORTS
Section 73 : Grants and loans by Central Government
Section 74 : Grants and loans by State Government
Section 75 : Constitution of Fund
Section 77 : Budget accounts and audit
CHAPTER X MISCELLANEOUS
Section 79 : Bar of Jurisdiction