Penalty for late submission of audit report

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Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2012 What is the penalty for LATE submission (NOT NON SUMBISSION) of audit report?

Please quote the section also.

CA CS Pawan Jajoo

CA CS Pawan Jajoo (Expert)
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04 April 2012 a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of 45[one hundred fifty thousand rupees], whichever is less.

Sec 271 B of income tax act 1961