Section 44ab for f.y 2012-13

For A/Y: 2012-12 sec. 44AB requires that in case of an assesse having gross receipts greater than 60 laks during a financial year, the assessee  will have to mandatorily get it's account audited by a chartered accountant..

this limit is increased to 1 crore for A/Y: 2013-14.

Penalty for non-compliance is governed by sec. 271B

penalty of 1/2% of sales or turnover or gross receipts will be payable upto maximum of rs. 100000

thanks

please clearify the penalty  for default u/s 44AB.

I have doubt...........(max penalty is Rs.1,50000 ? )