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The Central Government notifies the Press Council of India for income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961. The exemption applies to specific income from the levy of fees on publishers and newspapers, and interest earned on FDRs and savings bank accounts. The body must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The body must file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961. The notification applies retrospectively to the assessment years 2019-2020 through 2023-2024.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th November, 2023
S.O. 4828(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Press Council of India’ (PAN AAABP0351P), a body established under Para 1 of Chapter II of the Press Council of India Act, 1978 (Central Act), in respect of the following specified income arising to that body, namely:-
[Notification No. 98/2023 F. No. 300196/8/2018-ITA-I] VIKAS SINGH, Director (ITA)-I
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
