Penalty on CA & specialists for furnishing incorrect details in statutory report or certificate. Check More information from listed below n likewise share your reviews by means of below comment box …
Charge on CA & professionals for providing incorrect info in statutory report or certificate
The thrust of the Government in recent past is on voluntary compliance. Certification of numerous reports and certificates by a certified professional has actually been supplied in the Act to ensure that the information provided by an assessee under the provisions of the Act is proper. Different arrangements exist under the Act to penalise the defaulting assessee in case of furnishing incorrect information. There exist no penal provision for levy of charge for furnishing inaccurate details by the individual who is accountable for accrediting the exact same.
In order to ensure that the person providing report or certificate undertakes due diligence before making such accreditation, it is proposed to place a new section 271 J so regarding provide that if an accountant or a merchant lender or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the Act or the guidelines made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a amount of 10 thousand rupees for each such report or certificate by method of penalty
It is further proposed to define the expressions “accounting professional”, “merchant banker” and “registered valuer”. It is also proposed to offer through modification of section 273 B that if the individual proves that there was reasonable cause for the failure referred to in the said area, then penalty will not be imposable in respect of the proposed area 271 J.
These modifications will work from 1st April, 2017.
[Clauses 86 & 87]
Please Download Financing Expense 2017 From Below link …
Other Budget 2017 Updates
- Base year Altered for computation of capital gains from 1981 to 2001
- Modified Charge for Delayed Filing of Tax Return– Spending Plan 2017
- Disallowance of devaluation u/s 32 & capital investment u/s 35 AD on cash payment
- TDS Rates U/s 194 J Lowered from 10% to 2% by Finance Bill 2017
- Deemed revenue u/s 44 AD minimized from 8% to 6% for digital deal
- Income Tax Due Dates 2017, Tax Calendar 2017
- How to submit Action for Exceptional Tax Need
- Additional Depreciation– Who can Avail?, availability, Rate of Include Dep
- Tax Audit Limitation U/s 44 AB Increased From 1 Crore to 2 Crore AY 2017-18
- Threshold limitation Increased for maintenance of books of accounts
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