Table of Contents
What is difference between statutory provident fund and Recognised provident fund?
Statutory Provident Fund/General Provident Fund – This is set up under the Act of the Parliament i.e. Provident Funds Act, 1925. Recognized Provident Fund – This fund is one which is recognized by the Commissioner of Income-tax according to the rules and provisions contained in the Income-tax Act.
What are statutory provident funds?
Statutory Provident Fund – This scheme is set up under the Provident Funds Act, 1925. It is meant for government employees, universities, recognised educational Institutions, railways, etc. It is also known as the General Provident Fund (GPF).
What is the difference between RPF and Urpf?
Depending on whether it is a recognised PF (RPF) or an unrecognised PF (URPF), the tax treatment differs. In case of an RPF: The employers’s contribution up to 12\% of the salary is not taxable; interest credited up to 9.5\% is not taxable; and the amount if withdrawn after 5 years of continuous service, is not taxable.
What are the four kinds of provident funds?
Depending on different tax conditions and their implications, there are four types of funds, including:
- Statutory Provident Fund.
- Recognized Provident Fund.
- Unrecognized Provident Fund.
- Public Provident Fund.
- Statutory Provident Fund (SPF): The local authorities, government agencies, railways, universities, etc.
Is PPF a statutory provident fund?
Statutory Provident Fund (SPF) Public Provident Fund (PPF) Accumulated balance RPF payable to an employee subject to certain following conditions.
What are the types of provident fund in amosup?
What are the different AMOSUP Provident Funds? Please note, NIS and DIS are externally managed by overseas banks. Storebrand Livsforsikring AS (NIS). PFA Pension (DIS).
What is RPF Urpf?
Tax treatment of Recognized Provident Fund (RPF), Unrecognized Provident Fund (URPF), Statutory Provident Fund (SPF) Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds.
How do I check my non-resident status?
A seafarer serving on Indian ships outside India for a period of 182 days or more in a year is considered to be a non-resident. However, the time spent by a ship in Indian territorial waters is considered as period of service in India, according to tax rules framed in 1990.
How do I know if I am a resident or non-resident?
If you are not a U.S. citizen, you are considered a nonresident of the United States for U.S. tax purposes unless you meet one of two tests. You are a resident of the United States for tax purposes if you meet either the green card test or the substantial presence test for the calendar year (January 1 – December 31).