What is the minimum penalty u/s 271B in the case of Mr. S, an individual who has failed to get his accounts audited under section 44AB or furnish audit report along with return of income ?

CS Executive · Tax Laws and Practice · PYQS · December 2021
What is the minimum penalty u/s 271B in the case of Mr. S, an individual who has failed to get his accounts audited under section 44AB or furnish audit report along with return of income ?
(A) ½% of the total turnover
(B) ¼% of the total turnover
(C) ½% of the tax payable
(D) ¼% of the tax payable

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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