CBDT notifies New Form 52A to be furnished by Assessee producing cinematograph film
The Central Board of Direct Taxes (CBDT) issues Form No. 52A, which is a statement to be provided to the Assessing Officer in connection with the creation of a cinematograph film.
The Board, empowered by sections 285B and 295 of the Income-tax Act of 1961, has notified the Income-tax (32nd Amendment), Rules, 2021, which seek to amend the Income-tax Rules of 1962.
Any person engaged in the production of cinematographic films must file a statement in Form 52A detailing any payments made by him or due from him totaling more than Rs. 50,000 to each individual participating in such production.
In Appendix II of the Income-tax Rules, 1962, Form No. 52A shall be replaced for Form No. 52A, which is in regard of the Statement to be provided to the Assessing Officer under section 285B of the Income-tax Act, 1961, in respect of the production of a cinematograph film.
The Form No. 52A contains the following information: the producer’s name and address, the relevant previous year, the details of the film, the date the production of the film began, the date the production of the film was completed, the financial year to which the statement refers, Details of payments of more than Rs. 50,000 paid by the producer or due from him to each person involved in the film’s production as an employee or otherwise, including the person to whom payment has been made or is due and verification.
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