Penalty on professionals for furnishing incorrect information in statutory report or certificate :
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
| 86 & 87 | Penalty on professionals for furnishing incorrect information in statutory report or certificate |
271J newly insertion/ 273B |
Insertion/ Amendment |
01/04/2017 (A.Y. 2017-18) |
Section 271J: If an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of 10,000/- for each such report or certificate by way of penalty.
Section 273B : if the person proves that there was reasonable cause for the failure referred to in the said section, then penalty shall not be imposable in respect of the proposed section 271J. Note : No power to CIT to levy penalty u/s 271J |