User talk:PRASHANTH SRIPTHI

FORM 52A OF INCOME TAX
1. Section 285B of the Income-tax Act, 1961 provides that 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 out by him in such financial year, prepare and deliver to the Income-tax Officer, 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, a statement 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 as employee or otherwise. This statement should be filed in Form 52A. 2. A person, who without reasonable cause or excuse, fails to furnish in due time the statement mentioned in section 285B becomes liable for imposition of a penalty under section 272A(2) of the Income-tax Act, 1961. The quantum of penalty may extend to Rs. 100 (Rs. One Hundred only) for every day during which the failure continues. by Prashanth sripathi.