Section - 10(22B) (of Income Tax Act, 1961), Income-tax Act

Any income of such news agency set up in India solely for collection and distribution of news as the Central Government may, by notification 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:

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;

Following fourth proviso shall be inserted after the third proviso to clause (22B) of section 10 (of Income Tax Act, 1961) by the Finance Act, 2023, w.e.f. 1-4-2024 :

Provided also that nothing contained in this clause shall apply to any income of the news agency of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2024;