Information return obligation requires specified entities to furnish transaction and account data to authorities, with defect rectification and notice. A wide range of specified persons and authorities must furnish an information return of registration records, account statements, periodic returns and transaction-related documents in the prescribed periods, form, manner and to the prescribed authority. If an authorised officer finds the return defective, the officer may require rectification within a prescribed period and, failing rectification or any authorised extension, the return is treated as not furnished and the Act's provisions apply. The authority may also serve notice requiring submission where the return has not been filed in time.
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.
Information return obligation requires specified entities to furnish transaction and account data to authorities, with defect rectification and notice.
A wide range of specified persons and authorities must furnish an information return of registration records, account statements, periodic returns and transaction-related documents in the prescribed periods, form, manner and to the prescribed authority. If an authorised officer finds the return defective, the officer may require rectification within a prescribed period and, failing rectification or any authorised extension, the return is treated as not furnished and the Act's provisions apply. The authority may also serve notice requiring submission where the return has not been filed in time.
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