PRIVATE PFs GET A YEAR TO MEET NEW NORMS

The finance ministry has extended by one year the deadline for corporate provident funds to comply with the new norms for continuing to enjoy tax exemptions. The Finance Bill, 2008, proposes to extend the time limit to March 31, 2009, to provide time to the Employees’ Provident Fund Organisation (EPFO) to decide on the pending applications seeking exemption under Section 17 of the Employees Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952.