New section 271J: Penalty on professionals for furnishing incorrect information in statutory report or certificate

.

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.

NOTE: This amendment will take effect from 1st April, 2017.