Clause 86 - Insertion of new section 271J- Penalty for furnishing incorrect information in reports or certificates.

Penalty for incorrect professional reporting may be imposed on accountants, merchant bankers, and registered valuers under income-tax law.

A new provision permits the Assessing Officer or Commissioner (Appeals) to direct an accountant, Category I merchant banker, or registered valuer to pay a penalty for each report or certificate that contains incorrect information furnished under the Income-tax Act or its rules, operating without prejudice to other Act provisions and defining the covered professional categories.