Obligation to furnish annual information return.

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....hall furnish an annual information return, in respect of such specified financial transaction.    (2) The person referred to in sub-section (1) shall be—       (a) an assessee;       (b) a designated person in the case of an office of the Government;       (c) a local authority or other public body o....

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....stituted under section 3of the Reserve Bank of India Act, 1934; or       (j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996.    (3) The annual information return referred to in sub-section (1) shall be furnished to such income-tax authority or any other authority or agency, in such form and manner (inclu....

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.... to in sub-section (4) if the aggregate value of each such transaction in any financial year exceeds the amount as may be prescribed.    (6) The income-tax authority referred to in sub-section (3) may, if he considers that the annual information return furnished under sub-section (1) is defective, intimate the defect to the person who has furnished such return and give him an opportun....