271B penalty

Hi Mr. Parsad,

Section 271 B elaborated below:

271B. If any person fails  to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, 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 one hundred fifty thousand rupees, whichever is less.

So penalty can be levied by AO in two cases

1. fail to get the books of accounts audited

2. fail to submit report u/s 44AB (Meaning of submit of report is filing of income tax return alongwith audit report)

Hence, Penalty would be applicable.