Section 285B of Income Tax Act for AY 2023-24

Section 285B of Income Tax Act amended by Finance Act 2022. Submission of statements by producers of cinematograph films or persons engaged in specified activity.

Amended and updated notes on section 285B of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to submission of statements by producers of cinematograph films or persons engaged in specified activity.

Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 285B of IT Act 1961 provides for submission of statements by producers of cinematograph films or persons engaged in specified activity.

Recently, we have discussed in detail section 285A (Furnishing of information or documents by an Indian concern in certain cases) of IT Act 1961.

Today, we learn the provisions of section 285B of Income-tax Act 1961 as amended by the Finance Act 2022. The amended provision of section 285B is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 285B of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.

Section-285B: Submission of statements by producers of cinematograph films or persons engaged in specified activity

Any person carrying on the production of a cinematograph film or engaged in any specified activity, or both, during the whole or any part of any financial year shall, in respect of the period during which such production or specified activity is carried on by him in such financial year, furnish within the prescribed period, a statement in the prescribed form to the prescribed income-tax authority in the prescribed manner, containing particulars of all payments of over fifty thousand rupees in the aggregate made by him or due from him to each such person as is engaged by him in such production or specified activity.

Explanation: For the purposes of this section, “specified activity” means any event management, documentary production, production of programmes for telecasting on television or over the top platforms or any other similar platform, sports event management, other performing arts or any other activity as the Central Government may, by notification in the Official Gazette, specify in this behalf.

[Section 285B amended (substituted) w.e.f. 1-April-2022 by the Finance Act 2022]


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