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 - Income Tax - ICDS deferred by one year, applicable from FY 2016-17 (i.e. AY 2017-18)

7 July 2016
We are pleased to share with you the newsflash on the captioned subject.

NF-CBDT Notifies Rules regarding "Indirect Transfer" Provisions-Fair Market Value & Reporting Requirement for Indian concern

6 July 2016
Presently, any capital gains arising to a non-resident on Indirect transfer of shares is deemed to accrue or arise in India on account of ‘retrospective amendment’ carried out through Finance Act, 2012.

Newsflash: Third set of clarifications on the Income Declaration Scheme, 2016

5 July 2016
The CBDT has since received further queries from stakeholders seeking clarifications about various provisions of the Income Declaration Scheme. The issues raised have been examined and the third set of 11 FAQs have been issued on 30 June 2016 vide Circular No.25 of 2016.  

Newsflash: CBDT notifies final Foreign Tax Credit Rules on 27 June 2016

5 July 2016
Recently, the CBDT vide its Notification No. 54 of 2016 dated 27.06.2016 notified final foreign tax credit rules by introducing new Income Tax Rule 128 and new Form 67.  In this newsflash, we have provided an overview of the final Foreign Tax Credit rules for your ready reference and perusal.

NF:Relief from higher withholding tax under section 206AA to a non-resident-new tax rule prescribes alternative documents to PAN

5 July 2016
Recently, the Central Board of Direct Taxes (CBDT) vide its Notification dated 24 June 2016 introduced a new rule 37BC to the Income Tax Rules, 1962 requiring a non-resident to furnish alternative documents to PAN so that the higher withholding tax under section 206AA shall not be applicable.

Newsflash - Second set of clarifications on the Income Declaration Scheme 2016 - CBDT Circular No. 24 of 2016

5 July 2016
The Income Declaration Scheme, 2016 (the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed income declared.

Newsflash - Radical changes in FDI policy regime

5 July 2016
Amidst the global slowdown, India has emerged as the frontrunner in attracting Foreign Direct Investment (FDI). In 2015-16, India received its highest ever FDI, which has given a big push to many key sectors including Railways, Defence, Insurance and Medical devices.

Newsflash – Indirect Taxes Exemptions - Krishi Kalyan Cess and ST exemption to Ocean Freight Services

27 June 2016
CBEC vide Notification No. 35/2016- Service Tax dated 23 June 2016 has granted exemption from levy of KKC on the invoices which were issued before 1 June 2016, subject to condition that the provision of service has been completed before the 1 June 2016.

Newsflash - Model GST Law in India - Key Highlights

27 June 2016
The indirect taxes comprising of additional countervailing customs duty, excise duty, service tax, state level VAT laws and CST which are proposed to be subsumed within the GST account for 15% to 25% of the turnover for most businesses.

White Paper - Disallowance us 14A - Expenditure in respect of Exempt Income - Recent Amendment to Rule 8D - June 2016

13 June 2016
Recently, the Central Board of Direct Taxes (CBDT) vide official gazette dated 2 June 2016 notified the amendment made to Rule 8D of the Income Tax Rules 1962 (IT Rules).  One of the most litigative issues in direct taxation faced by business entities pertains to disallowances made under section14A of the Income Tax Act 1961 (IT Act) read with

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