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What are the penalties for failing to get a tax audit done?
What are the penalties for failing to get a tax audit done?
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Under Section 271B of the Income Tax Act, if a taxpayer fails to get their accounts audited or furnish the audit report by the due date, they may be liable to a penalty of:
0.5% of the total sales, turnover, or gross receipts, or
₹1.5 lakh, whichever is lower.