Obligation to furnish information returns: specified persons must supply transactional records; defects may be called for rectification or treated as not filed. Section 150 requires specified persons and authorities who maintain records or transaction-related documents to furnish an information return in prescribed form, time and manner. The Commissioner or an authorised officer may intimate defects in a return and allow rectification within a prescribed period or extended period; failure to rectify leads to the return being treated as not furnished. If the return is not furnished within the specified time, the authority may serve a notice requiring submission within a prescribed notice period.