CAs, merchant bankers face fine if assessees file wrong tax info

Rs 10,000 penalty for each such reports, according to a provision in Budget

From April 1, chartered accountants (CAs), merchant bankers and valuers can't escape responsibility for filing of incorrect information in certificates or reports attached with income tax returns of assessees.

They will be fined Rs 10,000 for each such certificates or reports, according to a provision in the Budget for 2017-18.

For this purpose, the Budget has proposed to insert a new section, 271J, in the Income Tax Act.  

"Under Section 271J... we have entrusted responsibility with chartered accountants, valuers and merchant bankers who files audit, valuation reports and other things...," CBDT Chairman Sushil Chandra said at a post-Budget interaction with PHD