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of <h1>Revised penalties for auditors under Section 140: Initial fine and daily penalties for ongoing non-compliance.</h1> Section 140 of the principal Act has been amended to revise the penalties for auditors who fail to comply with specific provisions. The new sub-section (3) imposes a penalty of fifty thousand rupees or an amount equal to the auditor's remuneration, whichever is less. For ongoing non-compliance, an additional penalty of five hundred rupees per day is applicable, with a maximum limit of five lakh rupees.
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