Obligation to furnish information returns requires prescribed submission, defect rectification and notice-based compliance timeline under law. Section 150 requires a wide range of persons who maintain records or transactional returns to furnish information returns in the prescribed periods, time, form, manner and to prescribed authorities. The Commissioner may intimate defects and permit rectification within thirty days or an extended period; failure to rectify will result in the return being treated as not furnished. If a required information return is not furnished, the authority may issue a notice requiring submission within a notice period not exceeding ninety days.
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 prescribed submission, defect rectification and notice-based compliance timeline under law.
Section 150 requires a wide range of persons who maintain records or transactional returns to furnish information returns in the prescribed periods, time, form, manner and to prescribed authorities. The Commissioner may intimate defects and permit rectification within thirty days or an extended period; failure to rectify will result in the return being treated as not furnished. If a required information return is not furnished, the authority may issue a notice requiring submission within a notice period not exceeding ninety days.
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