CAs May Have to Pay 10k Fine If They File Wrong Info
To check filing of incorrect returns by chartered accountants (CAs), tax authority will impose .₹ 10,000 fine on such professionals. “Under Section 271J... we have entrusted responsibility with chartered accountants, valuers and merchant bankers who file audit, valuation reports and other things... So, if they file any incorrect information in the returns, they are also liable for a token penalty of .₹ 10,000,” CBDT chairman Sushil Chandra said. The system is based on “a lot of faith on CAs and assessees and they have to be more responsible”.
“... there exists no penal provision for levy of penalty for furnishing incorrect information by the person who is responsible for certifying the same,” the budget memorandum said. Despite having a low tax, non-compliance level is high, he said.— PTI