CBDT notifies Press Council of India for Exemption u/s 10 (46) of IT Act

The Central Board of Direct Taxes (CBDT) has notified Press Council of India for Income Tax Exemption under section 10 (46) of the Income Tax Act, 1961 via issuing Notification.

Press Council of India notified for Exemption

Reetu | Nov 9, 2023 |

CBDT notifies Press Council of India for Exemption u/s 10 (46) of IT Act

CBDT notifies Press Council of India for Exemption u/s 10 (46) of IT Act

The Central Board of Direct Taxes (CBDT) has notified Press Council of India for Income Tax Exemption under sec 10 (46) of Income Tax Act, 1961 via issuing Notification.

The Notification stated:

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 specified income arising to that body.

The following specified income arising to that body, namely:

(a) Levy of fees on publishers and news papers; and

(b) Interest earned on FDRs and Savings bank accounts of Press Council of India.

This notification shall be effective subject to the conditions that Press Council of India,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

This notification shall be deemed to have been applied for the assessment year 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant to financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.

For Official Notification Download PDF Given Below:

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Author Bio
My Recent Articles
CA Lost Rs.1.5 Lakh after Clicking Instagram Investment Advertisement Link File Your ITR Before 31st Oct to avoid Penalties: Income Tax Department New ITR E-filing Portal 3.0 going to be launched soon; Tax Dept seeking Public Suggestions Auto Majors gets Rs.10,000 Crore GST Notice for Non-Payment of Compensation Cess GSTN Advisory: Invoice Management System (IMS) now Live on GST PortalView All Posts