Finance Minister Arun Jaitley on Wednesday proposed to penalise accountants, merchant bankers or registered valuers if they provide incorrect information or certificate.

New section 271J proposed to be inserted to provide that penalty of Rs.10,000 would be levied, 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 

Jaitley also proposed to levy late fee in order to ensure timely filing of income tax returns.

According to the annexure to the budget speech, the government proposes to provide that if an accountant or a merchant banker or a registered valuer furnishes incorrect information in a report or certificate, he shall be liable to a penalty of Rs 10,000 for each such default.

In order to ensure timely filing of returns of income, it is proposed to levy a fee in case of delay in filing the return, according to the annexure to the budget speech. #casansaar (Business Standard)