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Date: 07-Nov-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) of the Income tax Act 1961 (43 of 1961)for inclusion of clause Press Council of India

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification grants income tax exemption to the Press Council of India (PCI) under Section 10(46) of the Income-tax Act, 1961, for specific income categories.
  • The exemption applies to income earned from fees collected from publishers and newspapers, and interest earned on Fixed Deposit Receipts (FDRs) and savings bank accounts.

Key Changes

  • The Central Government notifies the Press Council of India (PAN-AAABP0351P) for income tax exemption under Section 10(46) of the Income-tax Act, 1961.
  • The exemption covers income from fees levied on publishers and newspapers.
  • The exemption also covers interest earned on the PCI's savings bank accounts and FDRs.
  • The notification is effective retrospectively for assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024, corresponding to financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.
  • The exemption is conditional upon the PCI not engaging in commercial activities, maintaining the nature of its activities and specified income, and filing income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.

Impact Analysis

Press Council of India (PCI)

  • Action Item: Ensure compliance with the conditions stipulated in the notification, including refraining from commercial activities, maintaining consistent activities and income nature, and filing income tax returns as required under Section 139(4C)(g) of the Income-tax Act, 1961.

Publishers and Newspapers

  • However, any changes in fees levied by PCI could indirectly affect them.

Government (Central Board of Direct Taxes)

  • Action Item: Ensure the PCI adheres to the conditions specified in the notification and monitor its income tax filings.

Taxpayers

  • Neutral Impact: The notification does not adversely affect any individual taxpayer, as clarified in the explanatory memorandum.

Key Entities Referenced

Press Council of India (PCI): A statutory body established under the Press Council of India Act, 1978, responsible for preserving the freedom of the press and maintaining and improving the standards of newspapers and news agencies in India. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance, responsible for the administration of direct tax laws through the Income Tax Department. Income-tax Act, 1961: The primary legislation governing income tax in India. Press Council of India Act, 1978: The Act under which the Press Council of India was established.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-07112023-249926 xxxGIDHxxx CG-DLxx-xEG-I0D7E1x1x2x0 23-249926 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4629] नई दिल्ली, मगं लिार, निम्ब र 7, 2023/कार्तकड 16, 1945 No. 4629] NEW DELHI, TUESDAY, NOVEMBER 7, 2023/KARTIKA 16, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 6 निम्बर, 2023 का.आ. 4828(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खडं (46) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, केन्द्द्र सरकार एतिद्वारा ‘भारतीय प्रेस पररषि’् (PAN-AAABP0351P), भारतीय प्रेस पररषि ् अजधजनयम, 1978 (केन्द्द्रीय अजधजनयम) के अध्याय II के परै ा 1 के तहत स्ट्थाजपत एक जनकाय, उस जनकाय को उद्भूत होन े िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध में उि खडं के प्रयोिनाथड अजधसूजचत करती ह,ै अथाडत:् - (क) प्रकािकों और अखबारों स े िुल्क की िसूली; और (ख) भारतीय प्रेस पररषि ्के बचत बैंक खातों और एफडीआर पर अर्िडत ब्याि। 2. यह अजधसूचना इन ितों के अध्यधीन प्रभािी होगी दक भारतीय प्रेस पररषि,्:- (क) दकसी व्यािसाजयक कायडकलाप में िाजमल नहीं होगी; (ख) जित्तीय िषों के िौरान कायडकलाप तथा जिजनर्िष्टड आय की प्रकृजत अपररिर्तडत रहगें ी; और 7006 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ग) आयकर अजधजनयम 1961, की धारा 139 की उप-धारा (4ग) के खंड (छ) के प्रािधान के अनसु ार आयकर जििरणी फाइल करेगी। 3. यह अजधसूचना जनधाडरण िषों 2019-2020, 2020-2021, 2021-2022, 2022-2023 एिं 2023-2024 के जलए लाग ू की गई मानी िाएगी तथा क्रमिः जित्तीय िषों 2018-2019, 2019-2020, 2020-2021, 2021-2022 एि ं 2022-2023 के जलए सगं त होगी। [अजधसूचना सं. 98 /2023 फा.सं. 300196/8/2018-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए)-I व्याख्यात्मक ज्ञापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेन े से दकसी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै 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:- (a) Levy of fees on publishers and news papers; and (b) Interest earned on FDRs and Savings bank accounts of Press Council of India. 2. 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. 3. 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. [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. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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