Section 150.
Obligation to furnish information return .-
(1) Any person,
being-
(a) a taxable person;
or
(b) a local authority
or other public body or association; or
(c) any authority of
the State Government responsible for the collection of value added tax or sales
tax or State excise duty or an authority of the Central Government responsible
for the collection of excise duty or customs duty; or
(d) an income tax authority
appointed under the provisions of the Income-tax Act, 1961 (43 of 1961); or
(e) a banking company
within the meaning of clause (a) of section 45A of the Reserve Bank of India
Act, 1934 (2 of 1934); or
(f) a State
Electricity Board or an electricity distribution or transmission licensee under
the Electricity Act, 2003 (36 of 2003 ), or any other entity entrusted with
such functions by the Central Government or the State Government; or
(g) the Registrar or
Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of
1908); or
(h) a Registrar
within the meaning of the Companies Act, 2013 (18 of 2013); or
(i) the registering
authority empowered to register motor vehicles under the Motor Vehicles Act,
1988 (59 of 1988); or
(j) the Collector
referred to in clause (c) of section 3 of the Right to Fair Compensation and
Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30
of 2013); or
(k) the recognised
stock exchange referred to in clause (f) of section 2 of the Securities
Contracts (Regulation) Act, 1956 (42 of 1956); or
(l) a depository
referred to in clause (e) of sub-section (1) of section 2 of the Depositories
Act, 1996 (22 of 1996); or
(m) an officer of the
Reserve Bank of India as constituted under section 3 of the Reserve Bank of
India Act, 1934 (2 of 1934); or
(n) the Goods and
Services Tax Network, a company registered under the Companies Act, 2013 (18 of
2013); or
(o) a person to whom
a Unique Identity Number has been granted under sub-section (9) of section 25;
or
(p) any other person
as may be specified, on the recommendations of the Council, by the Government,
who is responsible
for maintaining record of registration or statement of accounts or any periodic
return or document containing details of payment of tax and other details of
transaction of goods or services or both or transactions related to a bank account
or consumption of electricity or transaction of purchase, sale or exchange of
goods or property or right or interest in a property under any law for the time
being in force, shall furnish an information return of the same in respect of
such periods, within such time, in such form and manner and to such authority
or agency as may be prescribed.
(2) Where the
Commissioner, or an officer authorised by him in this behalf, considers that
the information furnished in the information return is defective, he may
intimate the defect to the person who has furnished such information return and
give him an opportunity of rectifying the defect within a period of thirty days
from the date of such intimation or within such further period which, on an
application made in this behalf, the said authority may allow and if the defect
is not rectified within the said period of thirty days or, the further period
so allowed, then, notwithstanding anything contained in any other provisions of
this Act, such information return shall be treated as not furnished and the
provisions of this Act shall apply.
(3) Where a person
who is required to furnish information return has not furnished the same within
the time specified in sub-section (1) or sub-section (2), the said authority
may serve upon him a notice requiring furnishing of such information return
within a period not exceeding ninety days from the date of service of the
notice and such person shall furnish the information return.
