Term information return under Indian Tax

Meaning of term information return under Indian Tax

 

This post explains about information return under Indian Tax.  

Information return

An information return is a tax document that certain persons are required to file with the Internal Revenue Service to report certain business transactions. An information return is not an income tax return; it is used for reporting purposes only.

Under section 150 of the CGST Act, 2017, talks about the obligation to furnish information return

  1. Any person, being—
    1. a taxable person; or
    2. a local authority or other public body or association;  or
    3. 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
    4. an income tax authority appointed under the provisions of the Income-tax Act, 1961; or
    5. a banking company within the meaning of clause (a) of section 45A  of  the  Reserve Bank of India Act, 1934; or
    6. a State Electricity Board or an electricity distribution or  transmission  licensee under the Electricity Act, 2003, or  any other entity entrusted with such functions by the Central Government or the State Government;  or
    7. the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908; or
    8. a Registrar within the meaning of the Companies Act, 2013;  or
    9. the registering authority empowered to register motor vehicles under the Motor Vehicles Act, 1988; or
    10. 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; or
    11. the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956; or
    12. a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996; or
    13. an officer of the Reserve Bank of India as constituted under section 3 of the Reserve Bank of India Act, 1934; or
    14. the Goods and Services Tax Network, a company registered under the  Companies Act, 2013; or
    15. a person to whom a Unique Identity Number has been granted under   sub-section (9) of section 25; or
    16. 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.
    17. 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.
    18. 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.

This post describes about information return.   Comment below your thoughts about this post information return.

 

 

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