https://www.taxtmi.com/article/detailed?id=7577 Persons required to report include assessees and specified registering or recording authorities who must furnish returns for specified financial transactions-covering purchases, sales, services, works contracts, investments, expenditures and loans or deposits above prescribed thresholds-in the prescribed form and manner by the prescribed due date. Authorities may treat defective returns as invalid after an opportunity to rectify and may serve notices requiring delayed filers to submit returns within a set period. Failure to file attracts a statutory daily penalty, with amended provisions changing terminology to statements of financial transaction or reportable account and prescribing higher penalties after notice. en-us Sat, 26 Aug 2017 08:44:22 +0530 Sat, 26 Aug 2017 08:44:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7577 Persons required to report include assessees and specified registering or recording authorities who must furnish returns for specified financial transactions-covering purchases, sales, services, works contracts, investments, expenditures and loans or deposits above prescribed thresholds-in the prescribed form and manner by the prescribed due date. Authorities may treat defective returns as invalid after an opportunity to rectify and may serve notices requiring delayed filers to submit returns within a set period. Failure to file attracts a statutory daily penalty, with amended provisions changing terminology to statements of financial transaction or reportable account and prescribing higher penalties after notice. Articles Income Tax Sat, 26 Aug 2017 08:44:22 +0530 https://www.taxtmi.com/article/detailed?id=7577