Finance Minister Nirmala Seetharam has assured delegations of Karnataka Film Chamber of Commerce along with SIFCC, to resolve the concerns relating to the proposal to impose 10% TDS on the theatrical revenue that producers make on each film.
The Union Minister said that they will think of a committee will be constituted which will also comprise of members from the film fraternity to examine the matter.
The Minister announced it after a delegation from both Karnataka Film Chamber of Commerce led by its president Mr. Jairaj and the office bearers A Ganesh, NM Suresh EC member Roopa Iyer along with renowned filmmakers KCN Chandrashekar, Sa Ra Govindu, Rockline Venkatesh, Mandya MP and actress Mrs. Sumalatha Ambareesh and others met her in New Delhi. From SIFCC present Kataragadda Prasad, Kalyam, Ravi Kotarkar and others were present.
Previously, the delegation had also met Vice President of India Mr. Venkaiah Naidu at his Office in New Delhi. The delegation was invited by Union Minister for Parliamentary Affairs Mr. Prahlad Joshi to discuss the proposal to impose 10% TDS on the theatrical revenue that producers make on each film.
The proposal which was made in the latest Union Budget, is in addition to the tax already paid by the producers on revenue from the sale of telecast rights to satellite TV and digital platforms.
KFCC had discussed expressing concern over the implementation of TDS. Film pundits feel that the TDS proposal is likely to hit the cash flows of the movie producers.