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of <h1>Amendment to Section 140: Auditors face penalties for non-compliance, including daily fines and maximum limits.</h1> Section 140 of the principal Act has been amended to replace sub-section (3). The new provision stipulates that if an auditor fails to comply with sub-section (2), they will face a penalty of fifty thousand rupees or an amount equal to their remuneration, whichever is less. For ongoing non-compliance, an additional penalty of five hundred rupees per day will be imposed, with a maximum limit of five lakh rupees.
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