Penalty for delay in audit

If any person who falls under these consideration fails to get his audit done before the date which is specified, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1,50,000.

moreover I would like to add one important thing that is if books of accounts were not maintained than you will not be liable to this rather you be laible to pay penalty under section 271A.