Anil Dhawan
asked over 2 years ago
What is the penalty for not getting the accounts audited as required by section 44AB?
0
0
Answer Now
Comment
Report
1 Answers
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below –
For any questions Request A Call Back
CA Sandeep Bohra
answered over 2 years ago
As per the provision of section 271B of income tax act 1961 If any person fails to get his accounts audited in respect of any previous year relevant to an assessment year 'or' furnish a report of such audit as required under section 44AB, the Assessing Officer {section 2(7A)} may direct that such person shall pay, by way of penalty, a sum equal to 1/2% of the total sales, turnover or gross receipts, as the case may be, in business, or a sum of Rs. 150000/-, {increased from Rs. 100000/- by the Finance Act, 2010 w.e.f 1.4.2011} * which ever is less. of the gross receipts in profession,
