§ 507
Chapter XXIII — Miscellaneous
Section 507
Income-tax Act, 2025
✍️ A plain-language summary of this section is being prepared. Below is the official text.
📜 Official text
507. (1) 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
tax year shall, furnish within such period, a statement in such form and in such
manner, to the prescribed income-tax authority as may be prescribed.
(2) The statement referred in sub-section (1) shall contain particulars of all payments
of over ` 50000 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.
(3) For the purposes of this section, the expression “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, specify.
Obligation to furnish statement of financial transaction or reportable
account.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.
Related sections
§ 499Certain transfers to be void§ 500Provisional attachment to protect revenue in certain cases§ 501Director or Director. Service of notice, generally§ 502Authentication of notices and other documents§ 503Service of notice when family is disrupted or firm etc., is dissolved§ 504Service of notice in case of discontinued business