Budget Imposes Rs 75,000 Penalty For Missing Tax Audit Deadline Even By A Day
The Finance Bill 2026 has introduced a stringent graded fee system, placing significant financial weight on audit compliance. Under the proposed Section 428, taxpayers who fail to furnish mandated audit reports now face heavy penalties starting at Rs 75,000, scaling up to Rs 1,50,000 for prolonged delays. The new framework categorises defaults into distinct tiers,…
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