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of <h1>No Penalties for Late Audit Reports in 1985-86 if Filed by Sept 30 and Tax Paid on Time.</h1> Section 44AB of the Income-tax Act, 1961, mandates that individuals with business sales exceeding 40 lakh rupees or professional gross receipts exceeding 10 lakh rupees must have their accounts audited by a specified date. Rule 6G outlines the audit report submission requirements. Due to the first-year implementation challenges and late notification of rules, the Board decided not to initiate penalty proceedings under section 271B for the 1985-86 assessment year if the audit report is obtained by September 30, 1985, and the self-assessment tax is paid within the normal filing period under section 139(1).
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