Technology over the years has taken over daily lives on an unprecedented scale. With the growth of internet use, the online phase came into existence that includes music industries as well. Earlier music creator records their music, gets it copyright, followed by promotion and advertisement that got customers to buy the music physically at stores. The third-party agreement was entered into between music creators and distributors to deliver the music created to customers. However, the music industry is also influenced by the era of the online world. Music industries became part of the online market through initiating online music stores. Now a day's music composers grant selective or absolute rights to the third party such as Saavn, Gaana.com, You-Tube, etc. Phonographic Performance Limited (PPL) has established a Performance License of usage of Sound Recording commonly known as PLUS to regulate and grant an Online Music License in India. In this article, we will discuss what the Music License is and how it can be obtained in India. Let us understand the Online Music License in India in detail henceforth. How Online Music License in India work?Music License is taking permission from the original music composer to use his music composition. The license agreement is entered into between licensor and licensee. License agreement contains the details such as terms & conditions for its use, the period for which music can be used, the royalty paid to the licensor, conditions under which license can be revoked, etc. The online music licensing process and its agreement is regulated through the PLUS and Copyright Act 1967. All those who use the already composed music to re-play whether, through CDs, radio, TV, cable network, etc. must compulsorily obtain Music License and shall pay the royalty for using the same. It is very easy to obtain Online Music License in India through two leading organizations named Phonographic Performance Limited (PPL) and The Indian Performing Right Societies Limited (IPRS). Benefits of Online Music License in India We have discussed a few benefits of getting Online Music License in India:
The process to get Online Music License in IndiaStep by step of applying online for music license are as follows:
Categories of Music LicenseFollowing are the types of music license given in India:
Final ThoughtWithout obtaining an online music license in India, no one is allowed to re-use copyrighted music for their benefits. Before applying for the online music license, be sure of the category of license. It is advisable for hiring professionals would be appreciable since the music license is not straightforward. Contact With Corpbiz to get complete service.
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In India, tax is levied in two ways - Direct Tax & Indirect Tax. Direct Tax is paid directly by an individual based on his/her income. On the other hand, Indirect tax is paid to the government on an individual’s behalf by another entity. Goods and Service Tax is the primary example of indirect tax. For instance, restaurants, movie theatres or e-commerce websites collect tax during when individuals make purchases and pay this amount collected as tax to the government. Direct taxes are broadly classified into two categories:
Let us understand in detail about income tax return and income tax return filing deadlines. Eligibility to file Income Tax ReturnIf following stated conditions apply to you, it is mandatory to file income tax in India:
Income Tax Returns Filing DeadlineFiling income tax returns on or before the due dates is a must for every taxpayer. However, income tax return filing deadlines vary as per the category of taxpayers which is enumerated henceforth:
What are the consequences if you miss the income tax returns filing deadline?In case the income tax return is filed post-deadline, a heavy penalty is imposed upon taxpayers. Penalty for non-filing ITR was announced in budget 2017 effective from the financial year 2018-19. Before the budget, the penalty depends upon the total discretion of tax authorities either to impose the same or not. The penalty follows as per the following:
The process to file Income Tax Return onlineThe steps for filing income tax return are as follows:
Expert’s OpinionEven though filing of income tax return is quite simple and can be done by the assessee himself, it is always recommended to do the same under the scrutiny of experts to avoid the occurrence of any error.
Confused about ITR filing? Reach us to provide you with complete assistance for ITR filing, starting with income tax return’s filing deadline to the complete process of claiming refunds. Corpbiz |
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June 2020
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