Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: Central Excise rule to resale the machines to a new company :: cpt :: empanelment :: VAT Audit :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES
 
 
News Headlines »
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)

EPFO panel grants tax exemption to 20 private PF trusts
May, 27th 2014

An empowered committee of the retirement fund body EPFO has approved granting regular tax exemption to 20 private provident fund trusts, which would provide tax benefits for subscribers of these firms.

The firms who got approval for tax exemption during the meeting of the panel held on May 15, include big names like Food Corporation of India, J K Tyre and Industries (Vikrant Tyre Plant), Mercedes Benz Research and Development, Aditya Birla Nuvo, L&T Technology services and L&T Hydrocarbon.

The meeting of the panel is being called as outgoing 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 many times and expired on March 31.

Earlier during the first meeting of the committee held on March 28, it had approved 68 such applications.

The panel has been empowered by the EPFO's apex decision making body Central Board of Trustees (CBT), headed by the Labour Minister, to grant regular exemption on January 13 in its meeting. The power to grant exemption is vested in CBT.

"EPFO is still processing 148 such applications for grant of regular tax exemption," EPFO's Central PF Commissioner K K Jalan who heads the panel, told PTI.

Asked whether more such applications are expected, he replied, "We may receive such applications in future."

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 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 a senior official, if the deadline for getting regular tax exemption is not extended in the full-fledged budget to be presented by the new government then the defaulting trusts would come under the income tax net.

He expressed hope that the next meeting of panel may be called in the second week of next month where 30-40 such applications could be approved.

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

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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