Section 150 - Obligation to furnish information return.

Obligation to furnish information returns: designated entities must file prescribed data and rectify defects or face treatment as not furnished.

Section 150 requires specified persons and entities to furnish an information return detailing registration records, accounts, periodic returns or documents evidencing tax payments, transactions, bank-account or electricity consumption and property dealings, in the prescribed form, manner and period to the prescribed authority. The Commissioner or an authorised officer may intimate defects and require rectification within a prescribed period; unrectified defective returns are treated as not furnished. If a required return is not furnished, the authority may serve a notice directing submission within a specified period, enabling further enforcement under the Act.