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The Union Labour Minister, Mr Mallikarjun Kharge, has written to the Finance Minister, Mr Pranab Mukherjee, to consider extending the time-limit for private PF trusts to seek exemption from income tax on retirement benefits.
About 46 lakh subscribers of such trusts face the threat of their retirement funds coming under tax net as Budget is silent on this.
“I would also request to consider extending time-limit expiring on March 31, 2012 for private PF Fund to get exemption for EPFO Act, to up to March 31, 2013 so that enough time is available to process the eligible cases by EPFO,” Mr Kharge said in his recent letter to Mr Mukherjee.
Out of 2,700 trusts, only 284 have so far been given the exemption certificates from the Labour Ministry while 400 applications are under process.
Mr Kharge has assured the Finance Ministry in his letter that the process of issuing exemption certificates to these trusts would be expedited.
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