Question related to film release

The producer(s) of any cinematograph film is required to furnish a statement to the to the tax authorities with details of all payments in excess of INR 50,000 made by him or due from him to any person engaged by him in the production of film. Section 285B of the Income Tax Act, 1961 (“Act”) read with rule 121A of the Income tax Rules, 1962 (“Rules”) holds the producer entirely responsible to furnish the statement, which has to be delivered within the prescribed period of 30 days from the end of the financial year during which production of the film is carried on or within 30 days from the date of completion of the production of the film, whichever is earlier. Non-compliance of the said provision attracts a penalty of INR 100 for each day of default.