What is the penalty for not getting the accounts audited under section 44AB?
What is the penalty for not getting the accounts audited under section 44AB?
Jeeba Jun. 25, 2018
If you are liable to get your accounts and fails to do then surely income tax department shall impose a penalty. The penalty for the failure to get the accounts of books shall be as follows;
(i) 0.5% of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession,
(ii) Rs. 1,50,000.
Further, if you have a valid grounds for failure to get the audit of your books of accounts, no penalty shall be imposed.
