What is the meaning of Failure to get accounts audited? What is the Penalty for failure to furnish report under section 92E? Section 271B and 271BA of Income Tax Act 1961

Failure to get accounts audited and Penalty for failure to furnish report under section 92E are defined under section 271B and 271BA of Income Tax Act 1961. Provisions under these Sections are:

Section 271B of Income Tax Act "Failure to get accounts audited"

Section 271B. If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred fifty thousand rupees, whichever is less.

 

Section 271BA of Income Tax Act "Penalty for failure to furnish report under section 92E"

Section 271BA. If any person fails to furnish a report from an accountant as required by section 92E, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one hundred thousand rupees.

Home     About Us     Privacy Policy     Disclaimer     Sitemap