Film Producers Must Report Transactions Over 50K in Form 52A Within 60 Days, Per Section 285B & Rule 121A

Section 285B of the Income Tax Act, along with Rule 121A, mandates that individuals involved in film production or specified activities must report financial transactions exceeding 50,000. These transactions should be detailed in Form No. 52A, submitted electronically within sixty days after the fiscal year ends. The form, comprising two parts, requires information on each film or activity and related payments. It must be submitted to the Principal Director General of Income-tax (Systems) or an authorized person. Specified activities include event management, documentary production, and other government-notified activities. Separate details are necessary for each film or activity undertaken.