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of <h1>New Section 271J: Penalties for Incorrect Info by Accountants, Bankers, Valuers Under Income-Tax Act, Effective April 2017.</h1> Clause 86 of the Finance Bill, 2017 introduces section 271J to the Income-tax Act, imposing penalties for incorrect information in reports or certificates by accountants, merchant bankers, or registered valuers. If such professionals furnish incorrect details under the Act or its rules, the Assessing Officer or Commissioner (Appeals) can levy a penalty of ten thousand rupees per report or certificate. The section defines 'accountant,' 'merchant banker,' and 'registered valuer' for clarity. This amendment is effective from April 1, 2017.
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