Failure to obtain audit triggers a penalty based on turnover or gross receipts, subject to a statutory cap and reasonable-cause exception.

Failure to get accounts audited without reasonable cause triggers a penalty where the taxpayer required to obtain an audit report is non-compliant for previous year(s) relevant to an assessment year; the tax officer may impose a penalty calculated by reference to total sales, turnover or gross receipts in business, or gross receipts in profession for such year(s), subject to a statutory maximum cap, with a reasonable-cause exception.

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