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TYPE OF PROVIDENT FUND UNDER INCOME TAX ACT

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 ROSHNI asked almost 3 years ago

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

Recognized Provident Fund (RPF): This scheme is applicable to an organization which employs 20 or more employees. An organization can also voluntarily opt for this scheme. All RPF schemes must be approved by The Commissioner of Income Tax. Here the company can either opt for government approved scheme or the employer and employees can together start a PF scheme by forming a Trust.

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Data?1494421738 samkit kothari answered almost 3 years ago

1. Recognized Provident Fund (RPF): This scheme is applicable to an organization which employs 20 or more employees. An organization can also voluntarily opt for this scheme. All RPF schemes must be approved by The Commissioner of Income Tax. Here the company can either opt for government approved scheme or the employer and employees can together start a PF scheme by forming a Trust. 2. Unrecognized Provident Fund (URPF): Such schemes are those that are started by employer and employees in an establishment, but are not approved by The Commissioner of Income Tax. Since they are not recognized, URPF schemes have a different tax treatment as compared to RPFs. 3. Statutory Provident Fund (SPF): This Fund is mainly meant for Government/University/Educational Institutes (affiliated to university) employees. 4. Public Provident Fund (PPF): This is a scheme under Public Provident Fund Act 1968. In this scheme even self-employed persons can make a contribution. The minimum contribution is Rs.500 per annum and the maximum contribution is Rs.70,000 per annum. The contribution made along with interest earned is repayable after 15 years, unless extended. The rate of interest is statutorily set at 8% per annum

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Open uri20170510 32134 1nqu8aj?1494421649 sowmya answered almost 3 years ago

HIi Statutory provident fund- This fund is set up under the provisions of the Provident Fund Act, 1925. This fund is maintained by Government and Semi-Government organizations, local authorities, railways universities and recognized educational institutions. Recognized Provident Fund – This fund is one which is recognized by the Commissioner of Income tax in accordance with the rules contained there in the Employee’s Provident Funds and Miscellaneous Provisions Act, 1952. According to this Act, any organization, which employs 20 or more persons, is obligated to register under the Act and start a PF scheme for the employees in the organisation. Unrecognized Provident Fund - Unrecognized provident fund is the provident fund which is neither a statutory provident fund nor a recognized fund. This scheme is started by an employer which is not approved by the Commissioner of Income Tax. Public Provident Fund (PPF): This is a scheme under Public Provident Fund Act 1968. In this scheme even self-employed persons can make a contribution. The minimum contribution is Rs. 500 per annum and the maximum contribution is Rs. 150,000 per annum. The contribution made along with interest earned is repayable after 15 years, unless extended Approved Superannuation Funds : Superannuation funds are created to give pension benefits to employees. They arc known as approved if they are kept in accord­ance with the rules contained in part B of the Fourth Schedule and approved by the CIT. The scheme is sometimes contributory when the employees are asked to con­tribute while at times only the employer may bear the whole burden.

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Data?1494421730 rohit awasthi answered almost 3 years ago

Basically there are four type of Provident Fund as per Income Tax act 1961. 1. Statutory Provident Fund [Sec. 10(11)] Constituted Under Provident Funds Act, 1952. 2. Recognized Provident Fund [RPF Sec. 10(12)] Constituted Under EPF and Misc, Provisions Act, 1952. This should also be recognized by the Commissioner of PF and CIT. 3. Public Provident Fund Public Provident Fund Act,1968. Under this act PF Act may be opened in SBI or post offices. 4. Unrecognized Provident Fund [URPF] that is not recognized by the Commissioner of Income Tax. We can get benefit of 1 ,2, and 3 under section 80C of income tax act. We can also get benefit under section 10(11) and 10(12) of income tax act at the time of withdrawal.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered almost 3 years ago

TYPES OF PROVIDENT FUND Hi, Following are types of provident funds Statutory provident fund Recognized provident fund Unrecognized provident fund Public provident fund Thanks

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Picsjoin 2017224123730582 Archana answered almost 3 years ago

Hie Roshni, There are different types of provident fund (PF) which are used by individual for investment and saving purpose and each is having different tax treatment. **But Broadly Provident fund can be categories into four categories** 1. Statutory Provident Fund(SPF) 2. Recognized Provident Fund (RPF) 3. Unrecognized Provident Fund(URPF) 4. Public provident fund(PPF)

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered almost 3 years ago

Hiiiii Roshni.... **Types of Provident Fund - PF** PF is good source of Investment and Deduction under Income Tax. The types of PF are. - Statutory Provident Fund - Recognized Provident Fund - Unrecognized Provident Fund - Approved superannuation Fund - Public Provident Fund - Employee Provident Fund etc. Regards,

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