Recognized Provident Fund

Hope it helps!!!

VIJAYA SARADHI MAGANTI

CA Inter

★ 850

12-Mar-20 22:47

Companies can create a provident fund and apply for recognition from the IT department. These funds are managed by the trustees of the fund who are usually employees / ex employees - such funds are called as recognized provident funds - RPF. Statutory provident fund - SPF is a fund maintained by the government. An organization may choose to pool the PF contribution of all its employees along with its contribution in the SPF in which case its only responsibility is to pay monies on due dates to the SPF and update employee information ( resignation / addition withdrawal etc) with the PF department. In case of an RPF, in addition to the above work of maintaining records of contributions , o investment of money , withdrawals etc is done by the PF trust which is managed by the trustees

Sriram Somayajula

Admin

13-Mar-20 19:19

Statutory pf is governed by provisions of pf act 1925 But RPF is governed by provisions of pf act 1952

VIJAYA SARADHI MAGANTI

CA Inter

★ 850

13-Mar-20 22:44

Both are maintained by govt organisations,local authorities, railways, universities and recognised educational institutions.

VIJAYA SARADHI MAGANTI

CA Inter

★ 850

13-Mar-20 22:47

Pls refer to clips in income tax on provident fund where differences between various types of pf have been clearly explained . Chapter 1 of income tax basic concepts , income deemed to be received PF 1

Sriram Somayajula

Admin

13-Mar-20 23:22

By saying that both are maintained by governments and universities u r not focusing on the difference I had mentioned above. There are clear differences which have been highlighted by the faculty in income tax Chapter 1. Pls go through

Sriram Somayajula

Admin

13-Mar-20 23:24

Statutory is maintained by government, recognised pf is maintained by the employer

Adithya V

CA Inter

★ 75

15-Mar-20 20:19