Income Tax Expert Interview Question:

Tell me what are the types of Provident funds?

Submitted by: Muhammad

Below listed are the 4 types of provident funds

Recognized Provident Fund (RPF)- RPF schemes must be approved by The Commissioner of Income Tax and pplicable to an organization which employs 20 or more employees.

Unrecognized Provident Fund (URPF)- URPF are not approved by The Commissioner of Income Tax and is started by employer and employees in an establishment.

Statutory Provident Fund (SPF)- This Fund is mainly meant for Government/University/Educational Institutes (affiliated to university) employees.

Public Provident Fund (PPF)- PPF involves minimum contribution of Rs.500 per annum and the maximum contribution is Rs. 100,000 per annum. The contribution made along with interest earned is repayable after 15 years, unless extended.
Submitted by: Muhammad