29 September 2008
What does one mean by Statuary PF and how is it different from Recognized PF. Is Statuary PF A/c meant only for govt employees or even a non-govt company can open a Statuary PF a/c for its employees.
Suppose govt is contributing around 20% of employee's salary to STATUARY PF. Will that whole 20% contribution be non taxable for employee or only 12% be exempted and 8% be taxable.
29 September 2008
Statutory PF is the EPF, PPF etc., Recognised PF is formed through Trusts by the individual companies and get approved by PF and IT authorities. Statutory PF is available for both Govt and Non Govt employee.
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