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b) Recognized Provident Fund (RPF): The provident fund scheme is framed under the Employee's Provident Fund and Miscellaneous Provisions Act, 1952 (hereinafter referred as PF Act). The PF Act covers any establishment employing 20 or more persons. However, any establishment employing less than 20 persons can also join the scheme provided employer and employee both agree to do so. Further, if an employer creates his own scheme for provident fund then he can do so subject to recognition from the Commissioner of Income tax. c) Unrecognized Provident Fund (URPF): If a provident fund scheme is created by an employer, which is not recognized by the Commissioner of Income tax, then such fund is known as Unrecognized provident fund. d) Public Provident Fund (PPF): The Central Government has established a fund for the benefit of public to mobilize personal savings. Any member of the public, whether salaried or self-employed, can contribute to the fund by opening a provident fund account at any branch of the State Bank of India or its subsidiaries or other nationalised bank. Even a salaried employee can simultaneously become a member of employee's provident fund (whether statutory, recognised or unrecognized) and public provident fund. Any amount in multiple of 5 (subject to minimum of 500 and maximum of 1,50,000 p.a.) may be deposited in this account. Interest is credited every year but payable only at the time of maturity. Interest earned on this fund is exempt from tax u/s 10(11). s15 ILLUSTRATION Mr.X has the following salary structure - Basic pay 10,000 p.m. Commission (fixed) 2,000 DA 1,000 p.m. Entertainment allowance 2,000 p.m. X contributes" 20,000 to provident fund. Employer also makes a matching contribution. Compute gross salary of if- a) Mr. X is a Government employee and such provident fund is a statutory provident fund. b) Mr. X is an employee of Y Ltd, and such fund is a recognized fund. C) Mr. X is an employee of Z Ltd, and such fund is an unrecognized fund. b) Recognized Provident Fund (RPF): The provident fund scheme is framed under the Employee's Provident Fund and Miscellaneous Provisions Act, 1952 (hereinafter referred as PF Act). The PF Act covers any establishment employing 20 or more persons. However, any establishment employing less than 20 persons can also join the scheme provided employer and employee both agree to do so. Further, if an employer creates his own scheme for provident fund then he can do so subject to recognition from the Commissioner of Income tax. c) Unrecognized Provident Fund (URPF): If a provident fund scheme is created by an employer, which is not recognized by the Commissioner of Income tax, then such fund is known as Unrecognized provident fund. d) Public Provident Fund (PPF): The Central Government has established a fund for the benefit of public to mobilize personal savings. Any member of the public, whether salaried or self-employed, can contribute to the fund by opening a provident fund account at any branch of the State Bank of India or its subsidiaries or other nationalised bank. Even a salaried employee can simultaneously become a member of employee's provident fund (whether statutory, recognised or unrecognized) and public provident fund. Any amount in multiple of 5 (subject to minimum of 500 and maximum of 1,50,000 p.a.) may be deposited in this account. Interest is credited every year but payable only at the time of maturity. Interest earned on this fund is exempt from tax u/s 10(11). s15 ILLUSTRATION Mr.X has the following salary structure - Basic pay 10,000 p.m. Commission (fixed) 2,000 DA 1,000 p.m. Entertainment allowance 2,000 p.m. X contributes" 20,000 to provident fund. Employer also makes a matching contribution. Compute gross salary of if- a) Mr. X is a Government employee and such provident fund is a statutory provident fund. b) Mr. X is an employee of Y Ltd, and such fund is a recognized fund. C) Mr. X is an employee of Z Ltd, and such fund is an unrecognized fund