RSM India

Media, Entertainment and Leisure

Our service offerings for the Media, entertainment and leisure industry

The Indian media and entertainment (M&E) industry is one of the fastest growing industries in the country. Its various segments viz. film, television, advertising, online and print media and music among others have witnessed tremendous growth in the last few years.

The media and entertainment industry in India is further expected to grow steadily over the next five years. The industry revenues are likely to exceed US$ 32.7 bn by 2019 from US$ 17.0 billion in 2014, growing at compound annual growth rate (CAGR) of 14.0 per cent between 2015 and 2020. With a majority of the population below the age of 35, and increasing disposable income in the Indian households, the average spend on media and entertainment industry is likely to substantially grow in India.

With the growing popularity of Indian content in the world market in general and South Asia in particular, the Indian entertainment industry players are venturing abroad to tap this booming segment. Consequently, many Indian domestic players have set up distribution arms overseas and entered into joint ventures with leading international media & entertainment conglomerates. Apart from films, other entertainment content areas like music and television also have a huge potential international market. The total value of Indian media and entertainment content sold overseas is expected to grow by over 20% every year.

The ever expanding innovations and the entry of new mediums, pose lots of opportunities and challenges for the industry. Further, corporatization and rapid technological developments have now partnered with the creative and artistic minds to bring about disciplined approach and professionalism in this industry. In addition, the ever changing laws and regulations are playing a vital role in protecting and safeguarding interests of this industry.

Leisure is currently one of the most exciting sectors in India. According to the World Travel and Tourism Council (WTTC), India is recognised as the fastest emerging market leader fostering hospitality, entertainment and the leisure industry. India is attracting tourists as well as businessmen to invest in the lucrative hospitality, entertainment and the leisure industry. With a population of over 1 billion, about 30% of which is under 20, and economic growth set to continue at over 6% per annum, the number of consumers can only increase.

The sector is developing throughout India but the major projects are planned in the metropolitan cities, their suburbs and other major cities in Western and Northern India. Interest in the leisure business is not limited to entrepreneurs. Consultants are beginning to focus on business prospects in the leisure industry.

RSM has created a unique niche with focus on all important segments in this industry. With its deep knowledge, continuous research and focus on this industry, we are in a position to provide practical, result oriented bouquet of services to organization in these industries.

How we can help

We provide professional services to following major segments:

  • Television channels
  • Content producers for television channels
  • Films production, distribution and exhibition
  • Events and live concerts
  • Music
  • Advertising and creative media
  • Print media
  • Internet content media

Some of our unique services include:

  • Strategies for inbound and outbound investments for corporates to help achieve global reach and competitiveness
  • Corporate structuring and tax advisory services for global entertainment events, concerts, etc. held in various parts of the world
  • Designing and setting up enterprise wide Standard Operating Processes (SOPs) and systems for uniform working
  • Internal, concurrent and special audits to ensure improved efficiency, internal processes and controls, compliances, etc.
  • Concurrent audits of specific events, shooting schedules, etc.
  • Assistance in legal documentation and business agreements for various commercial and legal transactions

Advantage RSM:

  • RSM in India is consistently ranked amongst India’s top six accounting and consulting groups and globally RSM is the seventh largest audit, tax and consulting network
  • Extensive experience in advisory, taxation and accounting matters across functions and countries
  • Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates

 

Newsflash - Rationalization of MAT provisions under Ind AS, in lines with CBDT committee recommendations, with certain changes

8 February 2017
With the Ministry of Corporate Affairs (MCA) notifying (Indian Accounting Standards) Ind AS implementation in a phased manner from financial years commencing on or after 1 April 2016, the Central Board of Direct Taxes (CBDT) set up Accounting Standards Committee in June 2015 with a direction to suggest framework for Minimum Alternate Tax (MAT) in view of transition

Newsflash - Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016

20 January 2017
The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (Scheme) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and  penalty totaling in all to 49.9 per cent.

Newsflash - Changes to Accounting Standards under Indian GAAP - Effective FY 2016-17 onwards

20 January 2017
The MCA vide notification dated 30 March 2016 issued the Companies (Accounting Standards) Amendment Rules, 2016 , amending the Companies (Accounting Standards) Rules, 2006 for companies following Indian GAAP accounting standards. These changes are relevant for companies that will prepare financial statements for FY 2016-17 under Indian GAAP.

Newsflash - Key changes in the new protocol to amend India-Singapore tax treaty

5 January 2017
With the revision to the India-Mauritius tax treaty to phase out capital gains tax exemption, it was only a matter of time before the Government turned its attention to the India- Singapore tax treaty. On 30th December 2016, India and Singapore signed a Third Protocol to amend their bilateral tax treaty. Two changes which stand out are:

Newsflash - Clarifications on Direct Tax Dispute Resolution Scheme, 2016

29 December 2016
The Direct Tax Dispute Resolution Scheme, 2016, (‘Scheme’)  which provides an opportunity for dispute settlement, can be availed up to 31st December, 2016.  The Central Board of Direct Taxes (CBDT)  issued its first set of clarification with regards to the Scheme on 12 September 2016 ( vide Circular no. 33 of 2016)

Newsflash - Clarifications on Indirect Transfer of Capital Asset under the Income-tax Act, 1961

29 December 2016
Under Section 9 of the Income-tax Act, 1961 (the IT Act), income arising from indirect transfer of assets situated in India is deemed to accrue or arise in India.

Newsflash - Income Tax - SC decision - Stage of deduction of sec10A would be while computing the gross total income of the eligible undertaking

23 December 2016
The Supreme Court (SC) has finally cleared the air about the true effect of the    provisions of section 10A of the Income Tax Act, 1961. Earlier there was a lot of  confusion as to whether amended section 10A is a deduction section or an exemption  section.

Newsflash - Key Aspects of Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016

23 December 2016
Post demonetization of the currency on 8 November 2016, a scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (‘the Scheme) was introduced by the Taxation Laws (Second Amendment) Act, 2016 which came into force on 15 December, 2016.

Newsflash: Ind AS Transition Facilitation Group (ITFG) issues Clarifications – Bulletin 6

6 December 2016
We summarise the ICAI’s ITFG clarifications on Ind AS applicability Ind AS Transition Facilitation Group (ITFG) formed by ICAI has issued Bulletin 6 that provides the following clarifications on Ind AS applicability:

Newsflash On The New Taxation Window To Declare Undisclosed Income In The Form of Cash Deposits

6 December 2016
With effect from 9th November, 2016, bank notes of existing series of denomination of the value of Rs. 500 and Rs. 1000 ceased to be legal tender as part of the monetization plan of the government directed to curb black money in the economy.

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