Information return obligation requires prescribed reporting by specified record-keepers, with rectification and notice timelines enforced.

A broad range of persons and entities maintaining records or transactional returns must furnish a prescribed information return for specified periods, in the form, manner and to the authority as prescribed. The Commissioner may require rectification of defects within thirty days or extended period; if not rectified the return is treated as not furnished. If a required return is not furnished, the authority may issue a notice requiring submission within up to ninety days from service.

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