What is the meaning of Failure to get accounts audited? What is the Penalty for failure to furnish report under section 92E? Section 271B and 271BA of Income Tax Act 1961

Failure to get accounts audited and Penalty for failure to furnish report under section 92E are defined under section 271B and 271BA of Income Tax Act 1961. Provisions under these Sections are:

Section 271B of Income Tax Act "Failure to get accounts audited"

271B. If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the 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 one hundred fifty thousand rupees, whichever is less.

 

Section 271BA of Income Tax Act "Penalty for failure to furnish report under section 92E"

271BA. If any person fails to furnish a report from an accountant as required by section 92E, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one hundred thousand rupees.

Income Tax Act 1961

What is Failure to furnish returns, comply with notices, concealment of income, etc? Section 271 of Income Tax Act 1961

What is Failure to keep, maintain or retain books of account, documents, etc? What is Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions? Section 271A and 271AA of Income Tax Act 1961

What is Penalty where search has been initiated? What is Penalty where search has been initiated? Section 271AAA and 271AAB of Income Tax Act 1961

Section 271AAC Penalty in respect of certain income

Section 271AAD Penalty for false entry, etc., in books of account

What is the meaning of Failure to get accounts audited? What is the Penalty for failure to furnish report under section 92E? Section 271B and 271BA of Income Tax Act 1961

What is the meaning of Failure to subscribe to the eligible issue of capital? What is Penalty for failure to deduct tax at source? Section 271BB and 271C of Income Tax Act 1961

What is Penalty for failure to collect tax at source? What is Penalty for failure to comply with the provisions of section 269SS? Section 271CA and 271D of Income Tax Act 1961

What is Penalty for failure to comply with the provisions of section 269T? What is Penalty for failure to furnish return of income? Section 271E and 271F of Income Tax Act 1961

What is Penalty for failure to furnish statement of financial transaction or reportable account? What is Penalty for furnishing inaccurate statement of financial transaction or reportable account? Section 271FA and 271FAA of Income Tax Act 1961

What is Penalty for failure to furnish statement or information or document by an eligible investment fund? What is Penalty for failure to furnish return of fringe benefits? Section 271FAB and 271FB of Income Tax Act 1961

What is Penalty for failure to furnish information or document under section 92D? What is Penalty for failure to furnish information or document under section 285A? Section 271G and 271GA of Income Tax Act 1961

What is Penalty for failure to furnish statements, etc? What is Penalty for failure to furnish information or furnishing inaccurate information under section 195? Section 271H and 271I of Income Tax Act 1961