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Indian Music Industry for treating music and films at par
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New Delhi, Feb 12 (PTI) The Indian Music Industry (IMI) has urged the
finance ministry to give the same income tax rebate to them as given to the
film industry for production.
"The cost of production of a music album should be treated in the similar
line as cost of production of feature film. Accordingly, the Income tax
rebate given to the film industry should be made applicable for cost of
production of a music album," says Savio D'Souza, General Secretary, IMI.
Nearly 80 per cent of the music in India comes from films. But the music
industry is not treated at par with its filmi counterpart, says D'Souza.
"Because of this disparity, the Indian music industry has been faced with a
paucity of funds for the last two years. If we get the same rebate as the
film industry, we will have more funds, and this can help in giving jobs to
more musicians and searching new talent," says D'Souza.
"The cost of acquisition of Music rights should also be treated in the
similar line to Distribution rights of feature films. Accordingly, the
provision of Income tax rules should be made applicable for the Acquisition
of Music rights of music album," says IMI in its pre-budget recommendations.
The industry has also urged that pre-recorded audio compact disc or Video
compact discs or Digital Versatile Disc being an Information Technology
product should be allowed to be imported at "Free Duty", similar to other
Software. PTI
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