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Q. > Please Help: Audit
Will the following provision will apply if the wrong balance sheet is signed by a C A
Penalty on professionals for furnishing incorrect information in statutory report or certificate
The thrust of the Government in the recent past is on voluntary compliance. Certification of various reports and certificates by a qualified professional has been provided in the Act to ensure that the information furnished by an assessee under the provisions of the Act is correct. Various provisions exist under the Act to penalize the defaulting assessee in case of furnishing incorrect information. However, there exist no penal provision for the levy of penalty for furnishing incorrect information by the person who is responsible for
certifying the same.
In order to ensure that the person furnishing the report or certificate undertakes due diligence before making such certification, a new section 271J is inserted under the Income-tax Act
w.e.f 1/4/2017 so as to provide that 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, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of Rs. 10,000 for each such report or
certificate by way of penalty.
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