New Form 52 A widening Statement to be furnished to the Assessing officer for production of Cinematographic films: Amendment of Income Tax Rules, 1962

February 4, 2022

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Income Tax Rules (32nd Amendment), 2021

1. Under section 285B read with section 295 of the Income Tax Act, 1961 the producer of cinematographic films is obliged to furnish within 30 days from the end of the financial year or from the date of completion of the film, whichever is earlier, 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 CBDT has modified the rules

2. It is proposed to widen the scope of section 285B to include persons engaged in specified activities to expand the reporting requirements in Form 52A.

3. This amendment will take effect from 1st April 2022.

Such statement is required to be furnished electronically to the Assessing Officer in Form 52A within a period of 30 days from the end of the financial year or within 30 days from the date of completion of production, whichever is earlier.

The Central Board of Direct Taxes (CBDT) has notified the Income-tax (32nd Amendment), Rules 2021, wherein the existing Form 52A has been substituted with new Form 52A. The New Form 52A seeks the following additional details from the assessee:

1. Details related to producer
(a) Status
(b) Residential Status
(c) Tax Deduction Account Number

2. Nature of Film
(a) Celluloid
(b )Other than Celluloid Film

3. Details of payment made or due for an amount over Rs. 50,000
(a) Amount paid in Cash
(b) Tax deducted at source or not on payment