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of <h1>Finance Bill 2010 amends Section 271B, increasing penalty for audit failures from 100k to 150k, effective April 2011.</h1> Clause 50 of the Finance Bill, 2010, amends section 271B of the Income-tax Act, increasing the penalty for failing to audit accounts as required under section 44AB. Previously, the penalty was either one-half percent of total sales, turnover, or gross receipts, or one hundred thousand rupees, whichever was less. The amendment raises this penalty limit to one hundred fifty thousand rupees, effective from April 1, 2011, applicable to the assessment year 2011-2012 and subsequent years.
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