NEW DELHI: Coal and Mines Minister Pralhad Joshi on Saturday said the increase in number of District Mineral Foundation Trusts exempted from income tax payment will result in more fund availability with them, thus ensuring better implementation and outcome-oriented activities for welfare of mining affected people.
District Mineral Foundation (DMF) is a non-profit statutory 'Trust' for every district affected by mining-related operations.
It is an initiative of the government to ensure that funds are collected under DMF and utilised for welfare of those affected by mining-related operations.
"Thank you PM @narendramodi ji & FM @nsitharaman ji for exempting 165 DMF trusts from Income Tax payment. This will result in more fund availability with the Trust, thus ensuring better implementation and outcome-oriented activities for welfare of mining affected people," Joshi said in a tweet.
Collections under DMF as well as interest accrued will be exempted from IT.
A Gazette notification has been issued to this effect.
"I thank @FinMinIndia for exempting 165 Trusts. Adding to earlier exemption of 151, now a total of 316 Trusts stand exempted from IT," the minister tweeted.
DMF has been created in each district under the provisions of Mines and Minerals (Development and Regulation) Amendment Act, 2015 and falls under the purview of Ministry of Mines.