SHORT ANSWER:
The penalty for not getting an income tax audit done when required can be up to ₹1,00,000.
DETAILS:
- Under Section 271B of the Income Tax Act, if a taxpayer fails to get their accounts audited as required, they may face a penalty.
- The penalty is applicable if the taxpayer's total sales, turnover, or gross receipts exceed ₹1 crore in a financial year.
PUNISHMENT / IMPLICATIONS (if applicable):
- The penalty can be up to 0.5% of the total sales, turnover, or gross receipts, subject to a maximum of ₹1,00,000.
SOURCE:
- Income Tax Act, 1961
Related Questions: