04 November 2009
1.Please let me know the distinguishing points between Recognised & Unrecognised Provident Fund. 2.Distinguish between Exemptions u/s 10 & Deduction u/s 80C of Income Tax Act,1961. 3.Distinguish between HRA & Rent-Free house. The above questions have been asked in the past C.S exams for 3-5 marks each. Please do help me with them. Thanking You- Mrinalini
04 November 2009
A provident fund to which Employees provident fund act1925 applies is known as recognised provident fund. If a provident fund is not recognised by commissioner of income tax , it is known as unrecognised provident fund.
exemption u/s 10 means income that dont form part of income i.e. they are totally exempt.
deduction u/s 80c means there are certain investment on which we can claim deduction upto 100000
05 November 2009
HRA means which is allowance(in money) given by employer to employee and RENT FREE HOUSE MEANS EMPLOYER his own house or his rented house freely given to employee for residence purpose tht means in the case of Rent free house employer not getting any amount by way of money from employer just employer pay the rent to employee residence house
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