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​What is the penalty for not getting the accounts audited as required by section 44AB?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Anil Dhawan asked almost 3 years ago

​What is the penalty for not getting the accounts audited as required by section 44AB?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 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,

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