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.
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.
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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