Obligation to furnish information return: prescribed persons must submit periodic returns and rectify notified defects or face non furnishing treatment. Section 150 requires a wide range of persons and entities who maintain records of registrations, accounts, periodic returns, tax payments, transaction details, bank accounts, electricity consumption, or property transactions to furnish an information return for prescribed periods, in prescribed form and to prescribed authorities. The Commissioner or an authorised officer may declare furnished returns defective, permit rectification within thirty days or an allowed extension, and treat unrectified returns as not furnished; authorities may also issue notices requiring submission within a specified period.