Time limit for initiation of penalty under section 271B

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1 Points Joined September 2018
what is the time limit for initiation of penalty under section 271B
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On 26 September 2024 at 23:25 Report
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Master in Accounts & high court Advocate
9596 Points Joined December 2011

The time limit for initiation of penalty under Section 271B of the Income-tax Act, 1961 is: - 3 years from the end of the financial year in which the audit report was due to be furnished (if the assessee has furnished the audit report within the due date); - 6 years from the end of the financial year in which the audit report was due to be furnished (if the assessee has not furnished the audit report within the due date). Section 271B states that if an assessee fails to get their accounts audited or furnish the audit report as required under Section 44AB, the Assessing Officer may impose a penalty. However, the penalty proceedings must be initiated within the time limits specified above. Please note that these time limits are subject to change,

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On 27 September 2024 at 10:59
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112 Points Joined September 2018
Within 6 month from the end of month in which assessment order was passed
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On 30 September 2024 at 15:51

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