Penalty for failure to audit: Assessing Officer may impose a penalty capped by a turnover based rate or a fixed monetary cap.

Clause 446 authorises the Assessing Officer to impose a penalty where a person fails to get accounts audited or to furnish the audit report under section 63; the penalty is the lesser of a percentage of total sales/turnover/gross receipts (or gross receipts in profession) for the relevant tax year(s) or a specified fixed monetary cap.

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