Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: VAT Audit :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: VAT RATES
 
 
General »
 Questions about the GST cess
 How to prepare for the looming tax-extension deadline
 Income tax: Gratuity for employees raised to Rs 20 lakh; here is how you will benefit
 Haryana to set up scrutiny panel on GST benefits
 Waive certain taxes for companies in insolvency proceeding
 I-T department to appoint 7600 more tax return preparer scheme to cover entire country
 All eyes are on GST as Centre plans higher social pension
 Exporters demand total exemption from GST
 Here's what you must know to stay clear of taxman
 Filing income tax returns is not enough, you need to link Aadhaar with PAN before deadline ends
 If you don't link Aadhaar, PAN by Aug 31, your ITR won't be processed

EPFO panel grants regular tax exemption to 68 private PF trusts
March, 29th 2014

An empowered committee of the retirement fund body EPFO today 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.

"The first meeting of an empowered committee held today for granting regular tax exemption to private PF trusts. We have approved 68 such cases," EPFO Central PF Commissioner K K Jalan told PTI.

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.

According to a senior official, 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.

Private PF trusts are formed by firms that manage the money and accounts of their workers themselves and have exemption from filing PF returns. The members of these trusts enjoy income tax and other benefits at par with EPFO subscribers.

Such trusts can start functioning after seeking ad hoc tax exemption from the regional commissioner after which they apply for regular tax exemption.

Once approved, a PF trust's regular tax exemption is notified by the Labour Ministry or state government.

According to an official, if the deadline for getting regular tax exemption is not extended in the full-fledged budget to be presented by the next government after the general elections then the defaulting trusts would come under the income tax net.

At present, the EPF subscribers are exempted from paying income tax on deposits, accrual of interest and withdrawal of their funds.

Meanwhile, the EPFO has made it mandatory for all such trusts to file their returns online from April 1, 2014.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions