Exemption of District Mineral Foundations (DMF) from Income Tax

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The Prime Minister, Shri Narendra Modi
The Prime Minister, Shri Narendra Modi
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Azadi Ka Amrit Mahoutsav

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Shri Pralhad Joshi thanks Hon’ble Prime Minister Narendra Modi for exempting 165 DMF; Notification issued by Min. of Finance

by PIB Delhi

The Union Mines, Coal and Parliamentary Affairs Minister, Shri Pralhad Joshi has thanked Hon’ble Prime Minister Shri  Narendra Modi for exempting 165 District Mineral Foundation Trusts (DMF), from Income Tax payment. Through the amendment in Mines & Minerals (Development & Regulation) (MMDR) Act, in 2015, Government of India has made provision for establishment of District Mineral Foundation in all the districts affected by mining. The object of the District Mineral Foundation is to work for the interest and benefit of persons, and areas affected by mining related operations in such manner as may be prescribed by the State Government. So far, DMFs have been set up in 600 districts in 22 States in the country which have framed DMF rules.

      Shri Joshi has also thanked the Union Finance Minister Smt. Nirmala Sitharaman. A Gazette notification has been issued to this effect yesterday by Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes). Ministry of Mines has taken up with Ministry of Finance regarding issuance of notification for Income-tax exemption u/s 10(46) of the Income-tax Act, 1961 in respect to the District Mineral Foundations.

Ministry of Finance has taken measures to get the DMF trust exempted from Income Tax. Section 10(46) of the Act was amended by Finance Act 2018 so that all the DMF Trusts could be notified as ‘Class of Authority’. Accordingly, Ministry of Finance, Department of Revenue on 10.9.2020 notified 151 ‘District Mineral Foundation Trust’ and on 10.9.2021 notified 165 DMFs as ‘class of Authority’, in respect of the income arising to DMF.  Hence Total 316 District Mineral Foundation Trust have been notified as ‘class of Authority’ in respect of the income arising to DMF on account of contributions by lease holders to DMF as per the MMDR Act, interest on late payment of DMF contributions by miners and such other specified collections.

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Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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