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?
Menu
Difference between statutory pf and recognized pf?
Replies (2)
Dear All
Plz clarify that whether Govt. Providend Fund office is Statutory Providend fund or Recognised Providend Fund.
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
Recent Topics :
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
- Paper 6 - IBS
- Chhath Puja 2026 Dates Timing Tithi
- Tax Benefit on Second Property
- IPO application checklist: 18 rules that decide wh
- NSE IPO Price, GMP, Allotment Date and Listing
- Gst tax rate
- Cash deposited by customer
Related Topics :
CAclubindia
