hi freinds,
pl tell me difference between Recognised PF, Unrecognised PF,Statutory PF,Public PF.
When does it is charged, what is crietria for all.
Is there any fixed % applicable
which one is tax free.
1 Replies
(Guest)
RECOGNISED PROVIDENT FUND IS COVERED UNDER PF ACT 1952. IT IS APPLICABLE FOR BANK AND OTHER NON GOVERNMENT EMPLOYEES.IN THIS FUND THE EMPLOYER CONTRIBUTION UPTO 12% OF BASIC SALARY +DA(WHICH ENTERS) + COMMISSION ON TORNOVER IS EXEMPTED.
URPF MEANS THE PF WHICH IS UNRECOGNISED BY THE CIT.
PLZ. NOTE THAT ALL FUNDS ARE RECOGNISED BY PROVIDENT FUND ACT R NOT RPF. BUT THE FUND RECOGNISED BY CIT IS RPF.
SPF= IT IS COVERED UNDER PF ACT1925. AND APPLIES ON GOVT. AND SEMI GOVT. EMPLOYEES.IN THIS FUND EMPLOYER CONTRIBUTION IS FULLY EXEMPTED
PPF= PPF IS THE FUND IN WHICH ANYONE CAN CONTRIBUTE. THE MINIMUM 1 INSTALLMENT IS NECESSARY TO BE PAID IN THIS FUND IN A YEAR . BUT MAXIMUM INSTALLMENTS IN THIS FUND CAN NOT EXCEED THE 12.
PLZ. RECTIFY ME IF I M WRONG
THANKS
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