Section 271B - Failure to get accounts audited - Income-tax Act, 1961

1 [Failure to get accounts audited. 271B. If 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. Inserted by the Finance Act, 1984, w.e.f. 1-4-1985. 2. Words ", without reasonable cause," omitted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 3. Substituted 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" by the Finance Act, 1995, w.e.f. 1-7-1995. Earlier certain words were inserted in the quoted portion by the Finance Act, 1988, w.e.f. 1-4-1989. 4. Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 5. For the words "one hundred thousand rupees", the words "one hundred fifty thousand rupees" shall be substituted vide Finance Act, 2010 with effect from the 1st day of April, 2011.