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of <h1>Penalty for Not Submitting Audit Report Under Income Tax Act Section on Turnover-Based Calculation</h1> If a person fails to get their accounts audited or to furnish the audit report as required under the relevant income tax provisions for any previous year, the assessing officer may impose a penalty. The penalty amount is calculated as one-half percent of the total sales, turnover, or gross receipts in business or profession for the relevant year or years, or one hundred fifty thousand rupees, whichever is less. This provision aims to ensure compliance with audit requirements under the Income Tax Act.
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