If any person fails to get his accounts audited for any tax year or years or furnish the audit report as required under section 63, the Assessing Officer may impose a penalty on such person, which shall be the lesser of––(a)0.5% of the total sales, turnover, or gross receipts in business, or the gross receipts in profession for such tax year or years; or(b)₹150000.[Similar to Section 271B from The Income Tax Act, 1961-Also Refer]
