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.
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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).
Section 270A Penalty for under reporting and misreporting of income
Section 270AA Immunity from imposition of penalty, etc
Section 271 Failure to furnish returns, comply with notices, concealment of income, etc
Section 271A Failure to keep, maintain or retain books of account, documents, etc
Section 271AAA Penalty where search has been initiated
Section 271AAB Penalty where search has been initiated
Section 271AAC Penalty in respect of certain income
Section 271B Failure to get accounts audited
Section 271BA Penalty for failure to furnish report under section 92E
Section 271BB Failure to subscribe to the eligible issue of capital