Obligation to furnish information returns requires prescribed filings, rectification deadlines and statutory penalties for non-compliance.

Persons maintaining records or transactional documents must furnish prescribed information returns to prescribed authorities for specified periods and in prescribed form. Defective or incomplete submissions must be rectified within a short specified period or be treated as not furnished; authorities may issue a notice allowing a limited extension for filing. A defined list of reporting entities is subject to this obligation. Non-compliance with a notice attracts a daily monetary penalty up to a statutory cap, and wilful unauthorised disclosure by compilers, portal agents or officers is punishable by imprisonment, fine, or both.

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