Which penalty will levied???

This discussion explores potential penalties under the Income Tax Act for failing to maintain books of account and undergo a tax audit. It clarifies that penalties under sections 271A (for non-maintenance of books) and 271B (for failure to get audited) may apply. While some argue only one penalty might be levied, the consensus leans towards both being possible if both conditions are breached. It's strongly advised to rectify the situation by preparing accounts and getting audited promptly to avoid or mitigate penalties.