Failure to get accounts audited under section 271B: penalty ceiling increased and applies from the 2011-12 assessment year.

The amendment increases the fixed-sum cap for the penalty for failure to get accounts audited or to furnish the audit report required by section 44AB, while preserving the alternate penalty metric of one-half per cent of total sales, turnover or gross receipts; the new cap takes effect from 1 April 2011 and applies to the assessment year 2011-2012 and thereafter.

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