Obligation to furnish information returns requires specified entities to submit transactional records; defects may render returns not furnished. An obligation is placed on specified persons and entities who maintain records or returns relating to tax payments, transactions, bank accounts, electricity consumption or property dealings to furnish information returns for prescribed periods, in prescribed form and manner to prescribed authorities. The Commissioner or an authorised officer may intimate defects in a furnished return and permit rectification within a prescribed period or further period allowed; failure to rectify will cause the return to be treated as not furnished. Failure to furnish may attract a notice requiring submission within a further specified period.
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 requires specified entities to submit transactional records; defects may render returns not furnished.
An obligation is placed on specified persons and entities who maintain records or returns relating to tax payments, transactions, bank accounts, electricity consumption or property dealings to furnish information returns for prescribed periods, in prescribed form and manner to prescribed authorities. The Commissioner or an authorised officer may intimate defects in a furnished return and permit rectification within a prescribed period or further period allowed; failure to rectify will cause the return to be treated as not furnished. Failure to furnish may attract a notice requiring submission within a further specified period.
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