what is the difference between statutory pf and recognised pf?
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Recognised Provident Fund (RPF) as recognised by Commissioner of Income Tax under EPF and Miscellaneous Provision Act, 1952. It applies to enterprises employing at least 20 employees. ... Statutory Provident Fund (SPF) is meant for employees of Government or Universities or Educational Institutes affiliated to University.
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In the hands of non-Government employee, gratuity is exempt subject to the limits prescribed in this regard and PF receipts are exempt from tax, if the same are received from a recognised PF after rendering continuous service of not less than 5 years. ​
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50% of the PPF account balance at the end of the fourth financial year, preceding the current year. Form C, available at the post office or bank where the account is, has to be submitted. The account number and amount to be withdrawn has to be mentioned in the form and signed by the account holder.
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Confusingly, an RPP is not the same as a pooled registered pension plan (PRPP). You will get a deduction for your RPP contributions on line 20700.
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Tax Status: In general, both EPF and VPF are tax-free avenues for the salaried class with an Exempt-Exempt-Exempt (E-E-E) status. Meaning, your contributions are deductible under Section 80C, interest earned is exempt and so are the maturity proceeds exempt.
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The term CPF and EPF are same. EPF is more common in India, as the provident fund is maintained by central government through the Employee Provident Fund Organisation.
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Most employers contribute 12% (called PF) of basic salary every month to employee's Provident fund account, shown in CTC. An employee also contributes 12% (called VPF). Difference between Employer PF, Employee PF (Called VPF) and PPF. Employer PF is part of CTC not shown on Salary Slip.
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What is the difference between mandatory and discretionary spending? Mandatory spending is spending required by statutory criteria: it is not authorized annually. ... Discretionary spending is spending that must be authorized annually and appropriated by the House and Senate.
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Partial withdrawals from PPF accounts are permissible every year from seventh financial year from the year of opening account, according to India Post website. PPF account: Contribution, interest earned and maturity proceeds are all tax-free. ... PPF accounts provide the option of partial withdrawals.
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PPF is one of the tax-friendly saving instruments. It falls in the category of EEE (Exempt Investment, Exempt Return, Exempt Maturity or Withdrawal). ... Moreover, the amount you get at the maturity is also tax exempt. Thus, both the deposits and withdrawals are totally tax free.
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CA is a statutory qualification in India whereas CFA® Program is an international qualification recognized by any Investment company across the world. You can start preparing for the CA right after the 12th standard whereas you can start pursuing the CFA® Program only after graduation.
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Statutory figures are those presented by the company in their formal company reports. ... Underlying figures are also usually presented by the company. The underlying figures (sometimes also identified as normalised, or cash figures) are adjusted to remove the impact of items that are considered 'one-off'.
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PPF or Public Provident Fund is a government-backed savings vehicle which has fixed returns, set by the Government every quarter. The PPF is not a pension or retirement specific vehicle, it can also be used for other purposes. The NPS, on the other hand, is a retirement specific savings vehicle.
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A public pension fund is one that is regulated under public sector law while a private pension fund is regulated under private sector law. In certain countries the distinction between public or government pension funds and private pension funds may be difficult to assess.
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Answer: Statutory Audit is an audit conducted as per the provisions of any Act such Audit under Companies Act or Tax Audit under section 44AB of Income Tax Act. While internal audit is a part of Internal Control which an enterprise uses to control its opeartions and finance aspects.
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PPF provides income tax deduction under section 80C for the amount invested (subject to a limit of Rs 1.5 lakh a year). Interest received is exempt from tax and there is no tax on the amount received on maturity of the account.
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Deduction towards PF can be made if he is not opted for excluded employee with in the meaning under the Act. Directors getting remuneration shall be excluded. ... Deduction towards PF can be made if he is not opted for excluded employee with in the meaning under the Act.