24 July 2010
Newspapers like TOI & economic times are published by Benett Coleman & Co. Ltd.
You can see the same on the newspaper itself and hance it is assessed as a company.
Income from newspaper is exempt of certain news agencies are exempt u/s 10(22B) it they fall under that section.
[(22B) any income of such news agency set up in India solely for collection and distribution of news as the Central Government may, by notification10 in the Official Gazette, specify in this behalf:
Provided 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:
Provided further that any notification issued by the Central Government under this clause shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification:]
11[Provided also that where the news agency has been specified, by notification, by the Central Government and subsequently that Government is satisfied that such news agency has not applied or accumulated or distributed its income in accordance with the provisions contained in the first proviso, it may, at any time after giving a reasonable opportunity of showing cause, rescind the notification and forward a copy of the order rescinding the notification to such agency and to the Assessing Officer;]
25 July 2010
As i had said earlier the same are controlled by companies formed for that purpose. I think the news channel are run by TV Today India and assessed as such like a company.
CAclubindia
