Furnishing of return: taxpayers must file prescribed returns for taxable commodities transactions, with revision allowed before assessment. Every assessee who enters into taxable commodities transactions in a recognised association must, within the prescribed time after the end of each financial year, deliver a prescribed and verified return to the Assessing Officer or authorised authority setting forth the prescribed particulars. If the return is not filed in time, the Assessing Officer may issue a notice requiring filing within a further prescribed period; an assessee may furnish a return or a revised return at any time before assessment.