Section 271b

Includes enactments through the 2020 regular session.

Section 271b. In the income tax act after section 271a the following section shall be inserted with effect from the 1st day of april 1985 namely. A o on observing that the turnover of the assessee for assessment years 2010 11 to 20 12 13 is above the prescribed limit for audit as per provisions of section 44ab of the act but the assessee had not get the books of accounts audited u s 44ab of the act and thus held the assessee liable to pay penalty of rs. Section 271b 14 040 revocation of dissolution 1 a corporation may revoke its dissolution within one hundred twenty 120 days of its effective date.

Insertion of new section 271b. Section 271b confers discretionary power upon assessing officer to impose penalty as the word used in the section is may. 355 and neither the owner of the patent that is the subject of the certification nor the holder of the approved application under subsection b of such section for the drug.

Section 271b of the income tax act is a penalty provision which penalizes the assessee who fails to get the accounts audited or who fails to furnish the tax audit report within the prescribed time limit. Current through 2020 ky. Q 2 what is the penalty for late filing of tax audit report.

A third threshold limit of rs 5 crores has been added in order to reduce compliance burden on small retailers traders shopkeepers who comprise the msme sector. Where a person has filed an application described in paragraph 2 that includes a certification under subsection b 2 a iv or j 2 a vii iv of section 505 of the federal food drug and cosmetic act 21 u s c. 1 50 000 u s 271b of the act for.

128 section 271b 14 050 effect of dissolution 1 a dissolved corporation shall continue its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and affairs including. Income tax the provisions of section 44ab have been amended by the finance act 2020 giving rise to major confusion in the minds of businessmen and professionals alike. Besides above section 273b provides that notwithstaning anything contained in section 271b besides in other penal provisions under the act no penalty shall be imposed on the person or the assessee.

Failure to get accounts audited.