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

 

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16 November 2017
The Mumbai ITAT in the case of ACIT V/s M/S D.

Newsflash: DTAA with Hong Kong Soon - Union Cabinet gives its approval

16 November 2017
On 10th November 2017, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi gave its approval for entering into a Double Taxation Avoidance Agreement (DTAA) with Hong Kong.

Newsflash: Highlights of the 23th GST Council Meeting

13 November 2017
The 23rd GST council meeting was held on 10 November 2017 at Guwahati. The following are the key highlights of said meeting: -    Proposed revised GST rates for certain goods -    Proposed revised GST rate for restaurants. -    Relaxation in GST return filing -    Certain other aspects

Newsflash - Certain clauses of ICDS found contrary to the binding judicial precedents and thus, held unconstitutional - Delhi High Court

13 November 2017
In a path breaking judgment, the Hon’ble Delhi High Court on 8 November 2017 has ruled that certain clauses of various Income Computation and Disclosure Standards (ICDS) are unconstitutional and also suffers from the vice of excessive delegation.

Newsflash - Income Tax - Final Rules with respect to Country-by-Country reporting and furnishing of master file

13 November 2017
We are pleased to release our newsflash on the captioned subject. Background:

Newsflash - Income Tax - Regional Headquarter of Foreign Multinationals in India would not create POEM exposure where activities are of routine nature

13 November 2017
The new tax residency rule for foreign companies based on the concept of Place of Effective Management (‘PoEM’) has been effective since 1st April, 2017, i.e., Assessment Year 2017-18 onwards.

Highlights of the 22nd GST Council Meeting

13 November 2017
We are pleased to release our newsflash on the captioned subject. The 22ND GST council meeting was held on 6 October 2017 at New Delhi. The following are the key highlights of said meeting: -   Proposed revised GST rates for certain services

Newsflash - Draft Rules with respect to Country-by-Country reporting and furnishing of master file

13 November 2017
Under the Finance Act 2016, the Central Board of Direct Taxes (CBDT) had inserted section 286 in the Income Tax Act, 1961 to implement the recommendation of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project.

Newsflash - Restriction on number of layers of subsidiaries for certain classes of holding companies

4 October 2017
Section 2(87) of the Companies Act, 2013 (Act) defines a subsidiary company as under: Subsidiary company or subsidiary, in relation to any other company (that is to say the holding company), means a company in which the holding company- i. controls the composition of the Board of Directors; or

Newsflash: Form 67 enabled on Income tax e-filing portal for claiming foreign tax credit Relief

4 October 2017
A Resident taxpayer (Individual, Companies, Partnership firms, etc.) who have already paid tax in another country on amounts of foreign income and gains, may claim Foreign Tax Credit Relief in India to avoid being taxed twice on the same income.

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