The CBDT Announces Exemption Under Section 10(46) of the Income Tax Act for the Press Council of India
The Central Board of Direct Taxes (CBDT) has officially exempted the Press Council of India from income tax under Section 10(46) of the Income Tax Act of 1961 through the issuance of a notification.
The CBDT Announces Exemption Under Section 10(46) of the Income Tax Act for the Press Council of India
The Central Board of Direct Taxes (CBDT) has officially exempted the Press Council of India from income tax under Section 10(46) of the Income Tax Act of 1961 through the issuance of a notification.
The notification outlines the following:
- The Central Government, under Section 10(46) of the Income Tax Act of 1961, has granted 'The Press Council of India' (PAN AAABP0351P) the status of a body established under Chapter II of the Press Council of India Act, 1978, for specific income arising to that body.
The specified income includes:
(a) Fees collected from publishers and newspapers.
(b) Interest earned on Fixed Deposit Receipts (FDRs) and Savings bank accounts of the Press Council of India.
These conditions apply to this notification–
(a) The Press Council of India must not engage in any commercial activities.
(b) The nature of its activities and the specified income must remain consistent throughout the financial years.
(c) The Press Council of India must file an income tax return as per the provisions of the Income Tax Act of 1961.
This notification applies to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024, corresponding to the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022, and 2022-2023, respectively.
Also Read: E-filing for Form 56F for Assessment Year 2023-24 Now Available Online
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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