CBDT notifies revised Form to be furnished by producers of cinematograph films

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  • Last Updated on 16 September, 2022

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Income-tax Rules

Notification No. 109/2022, dated 14-09-2022

To widen the scope of Section 285B, the Finance Act, 2022 substituted the provisions of section 285B with effect from 01-04-2022. The erstwhile section 285B had cast an obligation on the producer of cinematographic films to furnish a statement containing particulars of all payments over Rs. 50,000 in the aggregate made by him or due from him to each person engaged by him.

The Govt. has widened the scope of section 285B to include persons engaged in ‘specified activities’ to expand the reporting requirements. For the purpose of section 285B, ‘Specified Activities’ would mean:

(a) Event management,

(b) Documentary production,

(c) Production of programs for telecasting on television or over the top platforms or any other similar platform,

(d) Sports event management,

(e) Other performing arts or any other activity as may be notified by the Govt.

Rule 121A of the Income-tax Rules provides that statement required to be furnished under section 285B by a person carrying on the production of cinematograph films shall be in Form No. 52A.

The Central Board of Direct Taxes (CBDT) has substituted Rule 121A and Form 52A to incorporate the changes brought by the Finance Act, 2022. The rule has been amended to provide the following:

(a) The statement required to be furnished under section 285B by a person carrying on the production of a cinematograph film or engaged in a specified activity, or both, shall be in Form No. 52A.

(b) Form no. 52A has been amended to include the relevant particulars for reporting specified activity undertaken by a person.

(c) Form no. 52A shall be furnished within 60 days from the end of the previous year.

(d) Form no. 52A shall be furnished electronically under digital signature or through electronic verification code as the case may be.

(e) The PDGIT (Systems) or DGIT (Systems) shall specify the procedures, format, and standards for the purposes of furnishing and verification of Form no. 52A.

(f) The PDGIT (Systems) or DGIT (Systems) shall also be responsible for the day-to-day administration, formulation, and implementation of appropriate security, archival, & retrieval policies in relation to furnishing and verification of Form no. 52A

(g) The PDGIT (Systems) or the DGIT (Systems) or any person authorized by him shall be the prescribed authority for the purpose of Section 285B. He shall also forward Form no. 52A to the Assessing Officer.

Click Here To Read The Full Notification

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