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: