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of <h1>Section 271J: Penalty on Accountants, Bankers, Valuers for Incorrect Tax Info; 10k Fine Per Error.</h1> Section 271J of the Income-tax Act, introduced by the Finance Act, 2017, imposes a penalty on accountants, merchant bankers, or registered valuers who provide incorrect information in reports or certificates during tax proceedings. If an Assessing Officer or Commissioner (Appeals) identifies such discrepancies, they can impose a penalty of ten thousand rupees for each erroneous document. The section defines 'accountant' as per section 288, 'merchant banker' as a Category I merchant banker registered with the Securities and Exchange Board of India, and 'registered valuer' as per the Wealth-tax Act, 1957.
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