CAs May Have to Pay 10k Fine If They File Wrong Info

The Economic Times - - Economy: Macro, Micro & More -

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

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