Section 139 - Obligation to furnish information return

Information return obligation requires specified entities to furnish prescribed transaction and registration data to the authority within prescribed time.

Specified entities maintaining records of registration, accounts, periodic returns, tax payment details, transaction or bank-account-related data, electricity consumption, or dealings in goods, property or rights must furnish an information return in the prescribed periods, time, form and manner to the prescribed authority or agency. The prescribed authority may call out defects and allow rectification within a prescribed period or further period on application; failure to rectify will render the return treated as not submitted and the Act's provisions will apply. A notice may be served requiring submission within a further prescribed period.