CA will be fined of Rs 10,000 for filing wrong information
Chartered Accountant of the taxpayers will be accountable for the wrong information filed while submitting tax returns and will be liable to pay Rs 10,000 as fine. Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said ” We have fixed CA, merchant bankers, valuers as responsible for this under Section 271 J. they submit the audit, evaluation reports, and other things. If they give false information in return then on them fine will be imposed of Rs 10,000.” He also said the entire system relies heavily on them and the CA should be more responsible. Chandra said the budget aimed to improve tax compliance and is to facilitate and enlarge the scope and status of the business. Despite the very low tax rate, compliance is at indigent level. He reports on the black money of Indians in Panama and other documents the number is much higher.