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of <h1>Finance Bill Clause 110: Assessees Must Submit Timely Returns for Taxable Commodities Transactions or Face Compliance Notice.</h1> Clause 110 of the Finance Bill, 2013 mandates that every assessee involved in taxable commodities transactions must submit a return to the Assessing Officer or an authorized entity within a specified period after the financial year ends. If an assessee fails to submit the return on time, the Assessing Officer can issue a notice demanding compliance within a stipulated timeframe. Additionally, an assessee can submit a revised return if any omissions or errors are discovered before the assessment is finalized. This clause ensures proper reporting and compliance in the collection of commodities transaction tax.
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