Information return to be submitted to prescribed authority by assessee or specified authorities [Section 15A] :
(1) Section 15A of Central Excise Act, 1944 empowers the Central Government to prescribe an authority or agency with whom an Information Return shall be filed by the specified persons. Information can be collected for the purposes of the Act, such as, to identify tax evaders or recover confirmed dues. The specified persons required to file the said return are
(a) an assessee; 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
(d) an income tax authority appointed under the provisions of the Income-tax Act, 1961; or
(e) a banking company within the meaning of section 45A(a) of the Reserve Bank of India Act, 1934; or
(f) a State Electricity Board; or an electricity distribution or transmission licensee under the Electricity Act, 2003, or any other entity entrusted, as the case may be, 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; or
(h) a Registrar within the meaning of the Companies Act, 2013; or
(i) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988; or
(j) the Collector referred to in section 3(c) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013; or
(k) the recognised stock exchange referred to in section 2(f) of the Securities Contracts (Regulation) Act, 1956; or
(l) a depository referred to in section 2(e)(1) of the Depositories Act,1996; or
(m) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934,
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 or transaction of goods or services 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.
(2) Such persons shall furnish an information return of the details given above in respect of such periods, within such time, form (including electronic form) and manner as may be prescribed, to the prescribed authority or agency.
(3) Any defect found in the return by the prescribed authority can be rectified within a period of 30 days from the date of intimation of such defect to the said person. The period of 30 days can be extended further by the prescribed authority on request.
(4) However, if the defect is not rectified within 30 days or the extended period, such information return shall be treated as not submitted and the provisions of this Act shall apply.
(5) If the return, including return after rectification of defect, is not submitted within the specified time, the prescribed authority may issue a notice requiring furnishing of such information return within a period not exceeding 90 days from the date of service of the notice.
Penalty for failure to furnish information return [Section 15B]: If a person who is required to furnish an information return under section 15A of Central Excise Act, 1944 fails to do so within the period specified in the notice issued thereunder, the prescribed authority may levy a penalty of ` 100 for each day of the default.