Audit report compliance: penalty under section 271B applies only for audit non compliance, not delayed self assessment payment. Clarifies that penalty under section 271B is leviable only for non-compliance with the audit requirement under section 44AB and not for delay in payment of self-assessment tax; for the first year of the provision, where the audit report prescribed under section 44AB (read with rule 6G) was obtained by the prescribed deadline, penalty under section 271B will not be imposed.
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Audit report compliance: penalty under section 271B applies only for audit non compliance, not delayed self assessment payment.
Clarifies that penalty under section 271B is leviable only for non-compliance with the audit requirement under section 44AB and not for delay in payment of self-assessment tax; for the first year of the provision, where the audit report prescribed under section 44AB (read with rule 6G) was obtained by the prescribed deadline, penalty under section 271B will not be imposed.
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