The Central Board of Direct Taxes (CBDT) has taken a significant step in the realm of media by issuing Notification No. 32/2024 dated March 15, 2024. This notification designates ‘The Press Trust of India Limited’, based in New Delhi, as a news agency eligible for tax exemption under clause (22B) of section 10 of the Income-tax Act, 1961.
🔶 Key Points:
- Designation: The Press Trust of India Limited has been officially recognized as a news agency eligible for tax exemption for the assessment years 2022-2023 and 2023-2024.
- Condition: However, this tax exemption comes with a condition. It mandates that the income of the agency must be utilized exclusively for the collection and distribution of news, refraining from distributing any income to its members.
🔶 Conclusion:
- This designation not only highlights the significant role played by The Press Trust of India Limited in the realm of news collection and distribution but also provides them with substantial tax benefits for their journalistic endeavors.
- Moreover, the condition attached to the exemption ensures that the income generated is solely dedicated to journalistic activities, thereby upholding the integrity and impartiality of news dissemination.
This move by the CBDT underscores the recognition of the pivotal role played by media organizations like The Press Trust of India Limited and aims to foster a conducive environment for journalistic excellence and integrity.
NOTIFICATION New Delhi,
the 15th March, 2024
(Income Tax) S.O. 1413(E).—
In exercise of the powers conferred by the clause (22B) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the “The Press Trust of India Limited, New Delhi” as a news agency set up in India solely for collection and distribution of news, for the purpose of the said clause for two assessment years 2022-2023 to 2023-2024.
2. The notification is subject to the condition that the news agency applies its income or accumulates it for application solely for collection and distribution of news and does not distribute its income in any manner to its members.
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