Income-tax Act, 2025 · CHAPTER XXI — PENALTIES

Section 446Failure to get accounts audited

Income-tax Act, 2025 (30 of 2025)

If any person fails to get his accounts audited for any tax year or years or furnish the audit report as required under section 63, the Assessing Officer may impose a penalty on such person, which shall be the lesser of—

(a)0.5% of the total sales, turnover, or gross receipts in business, or the gross receipts in profession for such tax year or years; or

(b)₹ 150000.

0.5% of the total sales, turnover, or gross receipts in business, or the gross receipts in profession for such tax year or years; or

₹ 150000.

This section refers to

§ 63 Tax audit

Referenced by

§ 470 Penalty not to be imposed in certain cases