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of <h1>Finance Act 2022 updates Section 285B: Filmmakers and event managers must report payments over 50k to tax authorities.</h1> Section 285B of the Income-tax Act has been updated by the Finance Act, 2022. The new provision requires individuals involved in producing cinematograph films or engaging in specified activities to submit a statement to the income tax authority. This statement must be provided within a prescribed period and format, detailing payments exceeding fifty thousand rupees made or due to each person involved in the production or specified activity. 'Specified activity' includes event management, documentary production, television or OTT platform programming, sports event management, performing arts, and other activities as notified by the Central Government.
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