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Key issues relating to broadcasting sector ignored in budget, says IBF

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NEW DELHI: The Indian Broadcasting Foundation today expressed regret that the Union Budget 2016-17 had failed to look into key issues such as 'carry forward of losses, in case of amalgamation or merger for service industry under the industrial undertaking under Section 72 A of the Income Tax Act 1961.'

Foundation Secretary General Girish Srivastava said in a statement that it was also 'unfortunate that c industry, which has been playing a critical role in the digital initiative of the government, is being denied this benefit whereas other service sectors like Software, Telecom etc are availing these benefits.'

However, he thanked the Minister Arun Jaitley for addressing some of the concerns of the industry.

Describing it as an “inclusive and well-rounded budget which will not only help the Indian economy at large but also provide an opportunity to all in becoming part of the overall growth process”, Srivastava said, “Another point that broadcasters had raised in their pre-budget memorandum was on the tax withholding of transponder hire charges in which the sector had appealed for the alignment of the definition of royalty in DTAAs in line with the amended Finance Act 2012.

In the current Economic Survey, having acknowledged the significance of the ongoing digitization efforts and in turn Media and Entertainment Industry generating large scale revenue and employment, it seems that the budget inadvertently omitted the long- term pending demand of grant of infrastructure status to the sector, he said.

During the budget speech, Jaitley had stated that most of the recommendations made by Justice Easwar Committee on simplification of procedures and related issues shall be accepted in due course. “IBF will take up the issues as above with the Finance Ministry in its post budget consultations," Srivastava added in parting.

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