ITR & TAX AUDIT:- AY 24-25 Due date and Tax Penalties & Late Fees After Missing Audit Report Filing? 

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Please make correction in your explanation of Penalty U/S 271B. Penalty for delay in Tax Audit Report is 0.5% of T.O or Rs 1,50,000 ( whichever is lower). Hence, there is limit in penalty upto Rs 1,50,000/-.