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of <h1>Failure to Audit Accounts or Submit Report Under Section 63 May Lead to Penalty by Assessing Officer</h1> If a person fails to have their accounts audited for any tax year or does not furnish the required audit report under section 63, the Assessing Officer may impose a penalty. The penalty will be the lesser of 0.5% of the total sales, turnover, or gross receipts in business or profession for the relevant tax year(s), or one lakh fifty thousand rupees.
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