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of <h1>Income Tax Bill 2025 Clause 463 imposes Rs 10,000 penalty on professionals for incorrect tax reports</h1> The Income Tax Bill 2025's Clause 463 replaces Section 271J of the Income-tax Act 1961, imposing penalties on accountants, merchant bankers, and registered valuers for furnishing incorrect information in reports or certificates. Both provisions impose a fixed penalty of Rs. 10,000 per instance without requiring proof of intent, adopting a strict liability approach. Key differences include updated definitions for registered valuers aligning with current regulatory frameworks, while the definition of accountant remains unclear in the new clause. The provision aims to enhance professional accountability and maintain integrity in tax administration by deterring malpractices through direct consequences on professionals rather than solely on taxpayers.
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