Obligation to furnish information returns: designated entities must submit prescribed transactional records and rectify defects or face non furnishment treatment. Specified persons and entities must furnish information returns of records and periodic transactional details in the prescribed form, manner, time and to the prescribed authority; defects may be intimated by the Commissioner for rectification within thirty days or an allowed further period, failing which the return is treated as not furnished and the Act's provisions apply. The authority may also issue a notice requiring furnishing of overdue information returns within a period not exceeding ninety days from service.
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: designated entities must submit prescribed transactional records and rectify defects or face non furnishment treatment.
Specified persons and entities must furnish information returns of records and periodic transactional details in the prescribed form, manner, time and to the prescribed authority; defects may be intimated by the Commissioner for rectification within thirty days or an allowed further period, failing which the return is treated as not furnished and the Act's provisions apply. The authority may also issue a notice requiring furnishing of overdue information returns within a period not exceeding ninety days from service.
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