Income-Tax & CTP Q1
- Option : B
- Explanation : Section 44AB prescribes when the accounts of the taxpayer are to be audited. If a taxpayer, in spite of the requirement of section 44AB, fails to get his accounts audited, then he shall pay penalty under section 271B. The penalty under section 271B will be levied for failure to get the accounts audited or failure to furnish a report of audit as required under section 44AB. The penalty will be a one-half percent of total sales, turnover or gross receipts, etc., or Rs. 1,50,000, whichever is less.
Thus, option (b) is the correct option.
