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<h1>Exchanges and prescribed intermediaries must file annual verified returns of taxable securities transactions; AO may demand late submission</h1> A recognised stock exchange or prescribed person for a mutual fund, insurance company, or lead merchant banker in respect of initial offers must, annually within the prescribed time, prepare and deliver a verified return to the Assessing Officer or an authority authorised by the Board detailing prescribed particulars of all taxable securities transactions in that period (including specified sales in initial offers). If the return is not furnished on time, the Assessing Officer may issue a notice requiring submission within a prescribed period. A person who misses the deadline or discovers omissions or errors may furnish or revise the return at any time before assessment.