15 October 2024
According to Section 271BA, if you fail to obtain the audit report and file Form 29B before the due date, you will be liable to pay a hefty penalty. The penalty for late filing of Form 29B can be as high as Rs 1,00,000 in some cases. However, Section 273B states that if you can state an appropriate reason for failing to file the form on the due date, you are not liable for any penalty under Section 271 BA.
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