Obligation to furnish information return requires prescribed persons to submit transactional data; defective returns may be deemed not furnished. Specified persons and authorities responsible for maintaining records or transactional details must furnish information returns for prescribed periods, in such form, manner and to such authority as prescribed. Where the Commissioner or an authorised officer finds a return defective, the filer is to be intimated and allowed an opportunity to rectify within a prescribed time; failure to do so leads to the return being treated as not furnished and the Act's provisions applying. If not furnished within the specified time, a notice may require furnishing within a further prescribed period.