Millennium Post
Business

EPFO panel grants regular tax exemption to 68 pvt PF trusts

An empowered committee of the retirement fund body EPFO on Friday approved granting regular tax exemption to 68 private provident fund trusts, which would provide tax benefits for subscribers of these firms. The meeting was called as Finance Minister P Chidambaram did not extend a March 31 deadline for the trusts to get regular tax exemption through the Employees’ Provident Fund Organisation (EPFO).

Chidambaram made it mandatory in 2006 for these trusts to procure an exemption certificate by March 31, 2007, a deadline that has been extended and is now set to expire on March 31.

‘At the first meeting of an empowered committee held on Friday for granting regular tax exemption to private PF trusts, we have approved 68 such cases,’ informed EPFO Central PF Commissioner K K Jalan. Regular tax exemption is granted by the EPFO’s apex decision-making body, the Central Board of Trustees, headed by the Labour Minister. However, the power to grant exemption was delegated to the committee by the trustees on January 13.

EPFO is still processing applications from 168 such trusts, for grant of regular tax exemption. EPFO head office has received around 30 more such applications after January this year. Jalan, who is also heading the committee, said that the panel would take up more such applications in the next meeting which may be called in next fortnight.
Next Story
Share it