Obligation to furnish information returns requires designated reporters to submit prescribed returns or face daily penalties under excise law. A new obligation requires specified persons and authorities to furnish periodic information returns of registration, account statements or transaction ... Summary
Obligation to furnish information returns requires designated reporters to submit prescribed returns or face daily penalties under excise law.
A new obligation requires specified persons and authorities to furnish periodic information returns of registration, account statements or transaction details to a prescribed authority in the prescribed form, manner and time, including electronic filing. The prescribed authority may notify defects and allow rectification within thirty days or extended period; failure to rectify treats the return as not submitted. If the return remains unfurnished, the authority may issue a notice for submission within ninety days and may impose a daily penalty of one hundred rupees for continued failure.
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