Information return obligation requires specified entities to furnish transactional and registration records in prescribed form and time.

Section 150 requires specified persons and entities who maintain registration records, statements of accounts, periodic returns or other documents containing tax payment and transactional details to furnish information returns for prescribed periods, in prescribed forms and manners to designated authorities. Where an information return is found defective, the Commissioner or an authorised officer must intimate the defect, allow an opportunity to rectify within a prescribed period or any further period allowed, and if not rectified the return is treated as not furnished; the authority may also issue a notice requiring the information to be furnished within a further prescribed period.

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