Penalty for not getting accounts audited?

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

Some guidance will be helpful.


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Section 44AB prescribes when the accounts of the taxpayer are to be audited. If a taxpayer, in spite of the requirement of section 44AB, fails to get his accounts audited, then he can be held liable for penalty under section 271B. Penalty under section 271B will be levied for failure to get the accounts audited or failure to furnish a report of audit as required under section 44AB. Penalty shall be one-half per cent of total sales, turnover or gross receipts, etc., or Rs. 1,50,000, whichever is less.

Document from Income Tax Portal is also added for further reference
28. penalties.pdf (702.0 KB)