« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Net direct tax receipts dip 13.4% in Dec... I-T dept attaches Pyramid Saimira’s bank accounts... » Four million private PF subscribers may lose tax benefits January, 07th 2009 Over four mn employees affiliated to over 2,500 private provident funds face the threat of losing income tax benefits on their PF contributions, as the government seems to be having second thoughts over giving these bodies permanent recognition. Taking a plea that privately-run PFs are violating investment accounting norms, the Labour Ministry is not inclined to award final approvals to these trusts. Over 2,500 private PFs are operational, but under a temporary recognition given by the Employees Provident Fund Organisation (EPFO). The temporary EPFO recognition enables them to qualify for tax exemptions. However, the Income Tax authorities had been warning the privately-run PFs that the tax benefits to their subscribers would be in jeopardy if they did not get a final approval from the Labour Ministry. But the ministry found that several of these funds were not following the norms and not maintaining the accounts as per the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, Joint Secretary in the Ministry of Labour S K Srivastava said at a PHDCCI function here. "Even today we held a meeting over this. It will take some time for us to formulate how to go about this. Under the circumstances, it seems difficult to allow final approval to any of the trusts unless things are in order," he said. Subscribers to the private PFs are allowed income tax exemptions under section 17(1)-A of the IT Act.