Section 271B:
Failure to get accounts audited.
1If any person fails 2
*** to get his accounts audited in
respect of any previous year or years relevant to an assessment year or 3
furnish a report of such audit as
required under section 44AB, the 4
Assessing Officer may direct that such person shall pay, by way of
penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be,
in business, or of the gross receipts in profession, in such previous year or years or a sum of 5
one
hundred fifty thousand rupees, whichever is less.
Notes:
1. Ins. by Act 21 of 1984, s. 30 (w.e.f. 1-4-1985).
2. The words “, without reasonable cause,” omitted by Act 46 of 1986, s. 21 (w.e.f. 10-9-1986).
3. Subs. by Act 22 of 1995, s. 48, for “obtain a report of such audit as required under section 44AB or furnish the said report
along with the return of his income filed under sub-section (1) of section 139, or along with the return of income
furnished in response to a notice under clause (i) of sub-section (1) of section 142” (w.e.f. 1-7-1995). Earlier certain
words were inserted by Act 26 of 1988, s. 45 (w.e.f. 1-4-1989).
4. Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 1-4-1988).
5. Subs. by Act 14 of 2010, s. 50, for “one hundred thousand rupees” (w.e.f. 1-4-2011).