Penalty on CA & professionals for furnishing incorrect information in statutory report or certificate. New Section 271J for imposing Penalty of Rs 10,000/- on Chartered Accountants and Professionals. Union budget 2017 is presented by Arun Jaitley on 1st February 2017. As per New Finance bill 2017 Govt may Impost Penalty on professionals for furnishing incorrect information in statutory report or certificate. Check More details from below n also share your reviews via below comment box…
Penalty on CA & professionals for furnishing incorrect information in statutory report or certificate
The thrust of the Government in recent past is on voluntary compliance. Certification of various reports and certificates by a qualified professional has been provided in the Act to ensure that the information furnished by an assessee under the provisions of the Act is correct. Various provisions exist under the Act to penalise the defaulting assessee in case of furnishing incorrect information. However, there exist no penal provision for levy of penalty for furnishing incorrect information by the person who is responsible for certifying the same.
In order to ensure that the person furnishing report or certificate undertakes due diligence before making such certification, it is proposed to insert a new section 271J so as to provide that 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 ten thousand rupees for each such report or certificate by way of penalty
It is further proposed to define the expressions “accountant”, “merchant banker” and “registered valuer”. It is also proposed to provide through amendment of section 273B that 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.
These amendments will take effect from 1st April, 2017.[Clauses 86 & 87]
Please Download Finance Bill 2017 From Below link….
Other Budget 2017 Updates
- Base year Changed for computation of capital gains from 1981 to 2001
- Revised Fee for Delayed Filing of Income Tax Return – Budget 2017
- Disallowance of depreciation u/s 32 & capital expenditure u/s 35AD on cash payment
- TDS Rates U/s 194J Reduced from 10% to 2% by Finance Bill 2017
- Deemed profit u/s 44 AD reduced from 8% to 6% for digital transaction
- Income Tax Due Dates 2017, Tax Calendar 2017
- How to submit Response for Outstanding Tax Demand
- Additional Depreciation – Who can Avail?, availability, Rate of Add Dep
- Tax Audit Limit U/s 44AB Increased From 1 Crore to 2 Crore AY 2017-18
- Threshold limit Increased for maintenance of books of accounts
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