TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Bill 2025 Clause 446 sets penalties for missing audit requirements under Section 63</h1> The Income Tax Bill 2025's Clause 446 imposes penalties for failure to get accounts audited or furnish audit reports as required under section 63. The penalty is the lesser of 0.5% of total sales, turnover, or gross receipts, or Rs. 1,50,000. This provision largely mirrors existing Section 271B of the Income-tax Act 1961, maintaining the same penalty structure and triggers. Key differences include updated terminology using 'tax year' instead of 'previous year' and cross-reference to section 63 rather than section 44AB. The provision grants Assessing Officers discretionary authority to impose penalties, though it lacks explicit 'reasonable cause' exceptions, potentially indicating stricter enforcement under the modernized framework.
TaxTMI 
TaxTMI 