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.
naroo (accountant) (184 Points)
29 September 2010hi 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.
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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