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of <h1>New Income Tax Bill imposes 10,000 penalty on accountants, bankers, valuers for incorrect reports under Clause 463.</h1> Clause 463 of the Income Tax Bill, 2025, imposes a penalty of ten thousand rupees on accountants, merchant bankers, or registered valuers for providing incorrect information in reports or certificates under the Act. This penalty applies to each incorrect report or certificate and is enforced by the Assessing Officer, Joint Commissioner (Appeals), or Commissioner (Appeals) during proceedings under the Act. A merchant banker is defined as a Category I merchant banker registered with the Securities and Exchange Board of India, and a registered valuer is defined under section 514.
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