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Income Tax Act

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Section 44AB prescribes most commonly known as "Tax Audit" which requires every person, covered by clauses (a) to (e), to get his accounts audited by an accountant within 6 months from the end of the year and furnish the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth prescribed particulars.

Section 271B prescribed penalty of-
(a) a sum equal to 0.50% of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession; or
(b) a sum of Rs.1,50,000/-
whichever is less, if any person fails to get his accounts audited or fails to furnish a report of such audit.

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