The introduction of Form 164 under Section 507 of the Income-tax Act, 2025 marks a significant compliance requirement for entities involved in film production and specified activities such as OTT content creation, sports events and event management.
As clarified through the latest FAQs issued by the Income Tax Department, Form 164 is designed to enhance transparency in high-value production-related transactions and ensure proper reporting of payments and tax deductions.
What is Form 164?
Form 164 is an annual statement that must be filed by persons engaged in:
- Production of cinematograph films
- OTT and television program production
- Event management and sports events
- Documentary and performing arts activities
The form captures key operational and financial details, including:
- Project/activity details
- Timeline (start and completion dates)
- Payments exceeding Rs 50,000 per payee
- Applicable TDS information
Who Needs to File Form 164?
The filing requirement applies broadly to:
- Individuals
- Partnership firms
- LLPs
- Companies
- Any entity involved in specified activities
Importantly, even a single project or event triggers compliance and co-producers must file separately for their share if they incur expenses.
Key Compliance Rules You Should Know
1. Mandatory Filing Even if Work is Incomplete
Entities must file Form 164 even if:
- The film or activity is still ongoing
- No completion date is available
This ensures continuous reporting across tax years.
2. Reporting Threshold for Payments
- Only payments exceeding Rs 50,000 (aggregate per payee) are required to be reported
- Smaller payments are excluded from disclosure
3. Filing Deadline
Form 164 must be submitted within 60 days from the end of the Tax Year.
Applicability to OTT & Events
The scope of Form 164 explicitly includes:
- OTT platform content production
- Single sports events
- Event management assignments
This confirms the government's intent to cover the entire entertainment and events ecosystem, not just traditional film production.
Additional Compliance Requirements
- TAN is mandatory where TDS provisions apply
- GST details are not required in this form
- Multiple projects must be reported separately within the form
- Filing is required even if no payment exceeds Rs 50,000
Tracking and Acknowledgement
Once filed on the Income Tax e-Filing portal:
- An acknowledgement number is generated
- Status can be tracked (Submitted, Accepted, Defective, etc.)
- Updates are sent via registered email and mobile
Why Form 164 Matters
Form 164 reflects a broader push by the government to:
- Strengthen financial transparency in the media and entertainment sector
- Track high-value payments and TDS compliance
- Digitize reporting systems for better tax governance
Industry stakeholders must ensure timely compliance to avoid penalties and ensure smooth tax assessments.
CAclubindia
