If any person falls under the section & fails to get audited of his account before the due date, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1, 50,000.Sep 22, 2018
As per Section 271B, The extent of penalty for failure to get account audited and submit tax audit report is a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1,50,000.
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