Maximum amount of penalty for failure to get accounts audited required as per section 44AB of the Act from an accountant is:

CS Executive · Tax Laws and Practice · PYQS · June 2019
Maximum amount of penalty for failure to get accounts audited required as per section 44AB of the Act from an accountant is:
(A) ₹1,50,000
(B) ₹1,00,000
(C) ₹50,000
(D) ½% of turnover or gross receipts of the business or profession or ₹50,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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