The Central Board of Direct Taxes (CBDT) on November 07, 2023, issued a notification regarding the specified income arising to the Press Council of India.
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.
• The following specified income arising to that Board has been stated namely: -
(a) Levy of fees on publishers and newspapers; and
(b) Interest earned on FDRs and Savings bank accounts of the Press Council of India.
• It states that this notification shall be effective subject to the following conditions that the 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;
(c) shall 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.
[Notification No. S.O. 4828(E)]
