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What is the penalty for late filing of tax auditreport?

krishna murthy
Section 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant.
A person covered by section 44AB should get his accounts audited and should obtain the audit report on or before 30th September of the relevant assessment year.
The tax audit report is to be electronically filed by the chartered accountant to the Income-tax Department.
After filing of report by the chartered accountant, the taxpayer has to approve the report from his e-fling account with Income-tax Department (i.e., at https://www.incometax.gov.in/iec/foportal).
According to section 271B, if any person who is required to comply with section 44AB fails to get his accounts audited the Assessing Officer may impose a penalty
0.5% of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in the profession, in such year or years. (b) Rs. 1,50,000.
However, according to section 271B, no penalty shall be imposed if reasonable cause for such failure is proved.
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