A salaried person's provident fund taxability depends on whether the PF is a Statutory Provident Fund or Recognized Provident Fund or Unrecognized Provident Fund. I want to know the difference between these types of fund and how to find out the employer is using which PF for its employees? Another query is that companies like MTS (telecom company) uses which type of provident fund for its employees?
2 Replies
VIKASH
(CA FINAL 2ND GROUP)
(142 Points)
Replied 25 August 2012
Dear All
Plz clarify that whether Govt. Providend Fund office is Statutory Providend fund or Recognised Providend Fund.
(Guest)
statutory provident fund is an account which can b opened with any branch of SBI or its subsidiaries and any individual can open it and claim deduction u/s 80C
recognised provident fund is recognised by commissioner and employer's contribution is exempt upto 12%and interest upto 9.5%.and employee,s contribution is eligible for deduction u/s 80C
unrecognised provident fund is not recognised- interst is chargeable to tax as income from other sources and no deduction can b claimed u/s 80C
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