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of <h1>Clause 507 Income Tax Bill 2025 requires film producers report payments over fifty thousand rupees to tax authorities</h1> Clause 507 of the Income Tax Bill, 2025 replaces Section 285B of the Income Tax Act, 1961, requiring producers of cinematograph films and persons engaged in specified activities to submit statements detailing payments exceeding fifty thousand rupees to prescribed income-tax authorities. The provision covers event management, documentary production, television/OTT platform content, sports event management, and other performing arts. Both provisions maintain similar structures and thresholds, with the new clause modernizing terminology and explicitly referencing digital platforms. The reporting obligation includes both payments made and amounts due, ensuring comprehensive coverage of substantial transactions to enhance transparency and tax compliance in the entertainment industry.
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