The Income-tax (32nd Amendment), Rules, 2021 – Revised Form No. 52A
The Income-tax (32nd Amendment), Rules, 2021 – Revised Form No. 52A
The Central Board of Direct Taxes (CBDT) vide a notification dated 23rd November 2021 has published the Income-tax (32nd Amendment), Rules, 2021 to further amend the Income-tax Rules, 1962. Through this amendment, CBDT notifies revised Form No. 52A which is a statement to be provided to the Assessing Officer in connection with the creation of a cinematograph film. The current article briefs the Form No. 52A in detail.
Synopsis of Notification
The CBDT, empowered by sections 285B and 295 of the Income-tax Act of 1961, has notified the Income-tax (32nd Amendment), Rules, 2021.
In Appendix II of the Income-tax Rules, 1962, Form No. 52A shall be replaced for Form No. 52A, which is regarding the Statement to be provided to the Assessing Officer in respect of the production of a cinematograph film.
The official notification about the Income-tax (32nd Amendment), Rules, 2021 is attached here for reference.
Form No. 52A for Assessee producing cinematograph film
Any person engaged in the production of cinematographic films must file a statement in Form 52A detailing any payments made by him or due from him totaling more than Rs. 50,000 to each individual participating in such production.
The Form No. 52A contains the following information:
- The producer’s name and address
- the relevant previous year
- the details of the film
- the date the production of the film began
- the date the production of the film was completed
- the financial year to which the statement refers
- Details of payments of more than Rs. 50,000 paid by the producer or due from him to each person involved in the film’s production as an employee or otherwise, including the person to whom payment has been made or is due and verification
Submission of Statements by Producers of Cinematograph Films
Any person carrying on the production of a cinematograph film during the whole or any part of any financial year shall, in respect of the period during which such production is carried on by him in such financial year need to prepare a statement in Form 52A and to be delivered to the Assessing Officer.
As mentioned above, the statement should be in the prescribed form containing particulars of all payments of over fifty thousand rupees(Rs.50000) in the aggregate made by him or due from him to each such person as is engaged by him in such production.
Prescribed Date for Filing Form 52A
Form 52A is to be filed within thirty days from the end of such financial year or within thirty days from the date of the completion of the production of the film, whichever is earlier.
