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of <h1>Penalty Imposed for Failing to Audit Accounts u/s 271B: Up to 0.5% of Sales or Rs. 100,000.</h1> Section 271B, introduced in the Income-tax Act by the Finance Act of 1984, mandates a penalty for failing to audit accounts as required under section 44AB. Effective from April 1, 1985, if a person does not get their accounts audited for any relevant assessment year without a reasonable cause, the Income-tax Officer can impose a penalty. This penalty is either one-half percent of the total sales, turnover, or gross receipts from business or profession, or one hundred thousand rupees, whichever is lower.
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