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Penalty as per Section 44AA and 44AB

Penalty when accounting records as required are not maintained as per Section 44AA

If the tax payer fails to maintain accounting records as per the requirements of Section 44AA, a penalty may be levied under section 271A. The maximum penalty that can be charged is Rs. 25,000. However, if the tax payer can prove there is a reasonable cause for failure to maintain accounting records – such penalty may not be levied.

Penalty for failure to get books audited as per Section 44AB

If the tax payer fails to get the accounting records audited or furnish audit report as per the requirements of Section 44AB, a penalty may be levied under section 271B. The minimum penalty that can be charged is 50% of the total sales, turnover or gross receipts. The maximum penalty is Rs 1,50,000. However, if the tax payer has a reasonable cause for failure to get an audit done – such penalty may not be levied.

Penalty as per Section 44AA and 44AB

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