JOIN USContinuing the crackdown against the dishonest and the corrupt, the Budget proposed that if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate, he shall be liable to a penalty of Rs 10,000 for each such default.
Finance Minister Arun Jaitley said the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly.
He said the government was trying to bring within tax-net more people who are evading taxes and encourage the honest ones.
Apart from reducing the Income Tax rate from 10% to 5% for small taxpayers, he announced various rationalisation measures.
These included a proposal to provide for grant of interest in case of refund of excess payment of Tax Deduction at Source (TDS). At the same time, to ensure timely filing of returns of income, a fee will be levied in case of delay in filing the return.