Obligation to furnish information return: specified entities must file prescribed returns or face treatment as non submission with mandatory notice. Section 150 requires prescribed reporting entities that maintain records or periodic returns of registrations, accounts, transactions, tax payments, bank accounts, electricity consumption or property dealings to furnish information returns in the prescribed form, period and to the prescribed authority. If the Commissioner or an authorised officer finds an information return defective, the filer is allowed to rectify within a limited time or an extended period on application; failure to rectify results in the return being treated as not furnished. Where a required return is not filed, the authority may issue a notice requiring its filing within a further limited 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 return: specified entities must file prescribed returns or face treatment as non submission with mandatory notice.
Section 150 requires prescribed reporting entities that maintain records or periodic returns of registrations, accounts, transactions, tax payments, bank accounts, electricity consumption or property dealings to furnish information returns in the prescribed form, period and to the prescribed authority. If the Commissioner or an authorised officer finds an information return defective, the filer is allowed to rectify within a limited time or an extended period on application; failure to rectify results in the return being treated as not furnished. Where a required return is not filed, the authority may issue a notice requiring its filing within a further limited period.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
