The Central Board of Direct Taxes vide its notification dated 23rd November 2021 has published the Income-tax (32nd Amendment), Rules, 2021 to further amend the Income-tax Rules,1962.
Through this amendment, Form 52A which deals with the statement to be furnished to the assessing officer under section 285B of the Income Tax Act, 1961 in respect of production of a cinematograph film has been substituted.
As per Section 285B, Any person carrying on the production of a cinematograph film during the whole or any part of any financial year shall, in respect of the period during which such production is carried on by him in such financial year, prepare and deliver or cause to be delivered to the Assessing Officer, within thirty days from the end of such financial year or within thirty days from the date of the completion of the production of the film, whichever is earlier, a statement in the prescribed form containing particulars of all payments of over five thousand rupees in the aggregate made by him or due from him to each such person as is engaged by him in such production.
