Film Producers Must File Form 52A for Payments Over Rs. 5,000 u/s 285B of Income-Tax Act or Face Penalties.
Film producers are required by Section 285B of the Income-tax Act, 1961, to submit Form No. 52A detailing payments over five thousand rupees to individuals involved in film production. This must be filed within thirty days post-financial year or film completion, whichever is earlier. Non-compliance can incur penalties under Section 272A(2), up to ten rupees per day of delay. The Board emphasizes strict enforcement and correct interpretation of these provisions, noting past failures in compliance and penalty imposition. Accurate reporting is crucial, and discrepancies may lead to penalties or prosecution. Film producers must submit relevant data for specified periods by set deadlines.
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