Sunday, September 19, 2021

Govt exempts 165 District Mineral Foundation from income tax payment

Government has exempted 165 District Mineral Foundation (DMF) from income tax payment. Earlier, 151 DMF trusts were exempted from tax which has been increased to 165. In a series of tweets, Coal and Mines Minister Pralhad Joshi said the collections under DMF as well as interest accrued will be exempted from IT. Mr Joshi said a Gazette notification has been issued to this effect.

The Minister expressed hope the decision will result in more fund availability with the trust and ensuring better implementation and outcome-oriented activities for the welfare of mining affected people. The DMF is a non-profit statutory trust for every Indian district affected by mining-related operations. It is an initiative of the Central government to ensure that funds collected under DMF should be utilised for welfare of those affected by mining-related operations.

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