Annual information return obligation: registrars and specified authorities must report specified financial transactions to tax authorities, with rectification and notice Persons maintaining records of defined financial dealings must furnish an annual information return to the competent income-tax authority in the prescribed form, manner and time. 'Specified financial transaction' includes purchase, sale or exchange of property or rights, investments or expenditures, loans or deposits and other prescribed transactions; furnishing is required when aggregate annual value exceeds prescribed thresholds. The authority may flag defects, allow one month for rectification, treat unrectified returns as invalid, and may issue a notice directing filing within a specified period.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Annual information return obligation: registrars and specified authorities must report specified financial transactions to tax authorities, with rectification and notice
Persons maintaining records of defined financial dealings must furnish an annual information return to the competent income-tax authority in the prescribed form, manner and time. "Specified financial transaction" includes purchase, sale or exchange of property or rights, investments or expenditures, loans or deposits and other prescribed transactions; furnishing is required when aggregate annual value exceeds prescribed thresholds. The authority may flag defects, allow one month for rectification, treat unrectified returns as invalid, and may issue a notice directing filing within a specified period.
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