With reference to the Amnesty Scheme, 2026 of the Employees' Provident Fund Organisation (EPFO), consider the following statements: 1. The scheme provides a one-time opportunity for establishments operating exempted Provident Fund (PF) Trusts recognised under the Income Tax Act, 1961 to regularise their status. 2. This Scheme applies to establishments that have been operating a Provident Fund Trust recognized under the Income Tax Act, 1961, but do not possess a formal exemption notification from the appropriate Government. Which of the statements given above is/are correct? |ForumIAS

Q. With reference to the Amnesty Scheme, 2026 of the Employees’ Provident Fund Organisation (EPFO), consider the following statements:
1.The scheme provides a one-time opportunity for establishments operating exempted Provident Fund (PF) Trusts recognised under the Income Tax Act, 1961 to regularise their status. 2.This Scheme applies to establishments that have been operating a Provident Fund Trust recognized under the Income Tax Act, 1961, but do not possess a formal exemption notification from the appropriate Government. Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A

Notes:

Explanation: Both

Statement 1 is correct: The Employees’ Provident Fund Organisation (EPFO), under the Ministry of Labour & Employment, has introduced the Amnesty Scheme, 2026, providing a one-time opportunity for establishments operating exempted Provident Fund (PF) Trusts recognised under the Income Tax Act, 1961 to regularise their status.

Statement 2 is correct: Application of Amnesty Scheme: This Scheme applies to establishments that have been operating a Provident Fund Trust recognized under the Income Tax Act, 1961, but do not possess a formal exemption notification from the appropriate Government – Central Government or State Government, as the case may be.

Source: PIB

Post-Mains Strategy Session by Mr. Ayush Sinha | ForumIAS