Penalty for Failure to Get Accounts Audited
Nature of Default
• Failure to get accounts audited under Section 44AB.
• Failure to furnish the audit report in Forms 3CA, 3CB, or 3CD by the due date.
Quantum of Penalty
Penalty is 0.5% of total sales, turnover, or gross receipts, as the case may be or Rs. 1,50,000, whichever is less.