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of <h1>Failure to Audit Accounts Under Section 44AB May Lead to Penalty Per Section 271B; Reasonable Cause Can Waive Penalty.</h1> According to section 271B, if an individual required to comply with section 44AB fails to audit their accounts or furnish the necessary report, the Assessing Officer may impose a penalty. This penalty is the lesser of 0.5% of the total sales, turnover, or gross receipts for the relevant year or Rs. 1,50,000. However, no penalty will be imposed if a reasonable cause for the failure is demonstrated.
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