CBDT Notifies Income Tax Exemption to Press Trust of India [Read Notification]

PTI - Press Trust of India - Taxscan

The Central Board of Direct Taxes (CBDT) has notified Income Tax Exemption to the Press Trust of India.

The Press Trust of India Limited, New Delhi” as a news agency set up in India solely for collection and distribution of news.

A notification issued by the Board in this regard on Thursday said that the exemption is for the purpose of the said clause for three assessment years 2019-2020 to 2021-2022.

As per section 10(22B) of the Income Tax Act, the Board can notify exemption to any income of a news agency set up solely in India for collection and distribution of news and which is so notified in this behalf shall be fully exempted provided such income or accumulated income is used solely for collection and distribution of news and not to be distributed in any manner amongst its members.

The approval given under this section shall be withdrawn if the news agency has not applied, accumulated or distributed its income in accordance with the prescribed conditions, the notification issued under this section shall be cancelled.

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