Try a light grey. I wouldn't go beige with the yellow. Dark wood looks great with grey walls. Yellows and brown also work well with grey. So pick a light grey and good luck.

My first question for you is do they have Ikea in India? They have the market cornered when it comes to smart and unique ways to furnish small spaces - and as far as I'm concerned, their specialty is clutter control! It would be helpful if you could post pictures so that we can understand your space a little better. I will say that, as far as paint color goes, the first color that comes to mind is white. It makes any space feel fresh and clean and spacious, and will make the smallest picture or cushion just that much more noticeable. In a small space this is good since you won't have room for a lot of these items!

I'd suggest dark red curtains if you need curtains at all -- the windows are beautiful as they are, and I'm not sure whether some kind of blind might not give you the ability to darken the room when you want to. On the wall, if you are real fans of any movies or TV shows, three big posters would be fun. Otherwise, I would still suggest using three pieces of art there of that size, all equal in size and somehow relating to each other. Three floral works, or three works in the same style, perhaps. I think a large plain textured rug in a light neutral from one of the cushion fabrics would tie the space together well. You might also consider a lovely low coffee table on the rug to lay out your snacks and drinks for serious media nights.

white and browns - forever in style