1. Tax audit is required in case the turnover of a company exceeds 1 crore as per amended section 44AB and as per the information furnished by you your client is having a turnover of 47 lacs, hence there is not requirement of Tax audit.
2. Now as regards your second query- In case of late furnishing or non furnishing of audit report penalty under section 271B is applicable which is 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.
CAclubindia
