A company is having a trust for provident fund and is exempted from getting it self registered with the Provident Fund AUthorities. Would like to know the benefit of having a own trust fro provident fund deducted from the salaries of the employees against registering the company with the Government PF Authority. Is it advisable to get the organisation registered with PF authority. What benefit are available in Income Tax Act for such trust.
Also need the revised Provident Fund Rules after the new Rules which have come in July 2007 , that can be filed with the PF Authorities.
Pl advise
Kapoor
From India, Mumbai
Also need the revised Provident Fund Rules after the new Rules which have come in July 2007 , that can be filed with the PF Authorities.
Pl advise
Kapoor
From India, Mumbai
The Employees’ Provident Fund Scheme is broadly divided into two parts :
The establishment to whom the Employees’ Provident Fund & Miscellaneous Provisions Act 1952, is made applicable and compliance in respect of their employees are made with the Regional Provident Fund Commissioner, Set-up in respective region, and the returns, claims for settlements, applications for withdrawals are processed through the office of the Regional Provident Fund Commissioner. In the case of unrecognised Provident Fund Scheme the employer has to deposit the monthly contributions with State Bank of India and forward the acknowledged copy of the receipted challan alongwith the monthly return to the office of the Regional Provident Fund Commissioner. Employer need not do any investments nor bother of paying the statutory rate of interest.
(b) Exempted Provident Fund Scheme :
Under the Exempted Provident Fund Scheme, the employer forms his own Provident Fund Trust for benefits of his employees. The employer executes the Trust Deed, prepares the Provident Fund Rules and nominates the trustees amongst its employees for administering and managing the Trust. On formation of Provident Fund Trust the employer has to obtain recognition to the Provident Fund Trust from the Commissioner of the Income Tax and thereafter apply to the office of the Regional Provident Fund Commissioner for granting exemption from the Provisions of the Employees’ Provident Fund & Miscellaneous Provisions Act 1952 and the Schemes framed thereunder. Such recognised and exempted Trust is a separate legal arrangement. The employer pays its monthly contributions to the Trustees who are in charge and responsible for day to day management and administration of the trust including that of doing necessary investments as per the pattern laid down in Rule 67 of the Income Tax Rules 1962.
From India, Madras
4- Unexempted Provident Fund Scheme and
- Exempted Provident Fund Scheme.
The establishment to whom the Employees’ Provident Fund & Miscellaneous Provisions Act 1952, is made applicable and compliance in respect of their employees are made with the Regional Provident Fund Commissioner, Set-up in respective region, and the returns, claims for settlements, applications for withdrawals are processed through the office of the Regional Provident Fund Commissioner. In the case of unrecognised Provident Fund Scheme the employer has to deposit the monthly contributions with State Bank of India and forward the acknowledged copy of the receipted challan alongwith the monthly return to the office of the Regional Provident Fund Commissioner. Employer need not do any investments nor bother of paying the statutory rate of interest.
(b) Exempted Provident Fund Scheme :
Under the Exempted Provident Fund Scheme, the employer forms his own Provident Fund Trust for benefits of his employees. The employer executes the Trust Deed, prepares the Provident Fund Rules and nominates the trustees amongst its employees for administering and managing the Trust. On formation of Provident Fund Trust the employer has to obtain recognition to the Provident Fund Trust from the Commissioner of the Income Tax and thereafter apply to the office of the Regional Provident Fund Commissioner for granting exemption from the Provisions of the Employees’ Provident Fund & Miscellaneous Provisions Act 1952 and the Schemes framed thereunder. Such recognised and exempted Trust is a separate legal arrangement. The employer pays its monthly contributions to the Trustees who are in charge and responsible for day to day management and administration of the trust including that of doing necessary investments as per the pattern laid down in Rule 67 of the Income Tax Rules 1962.
From India, Madras
hi
I m working as hr nd m handling pf in case of government RPFC but now our organisation decides to manage pf Trust.please help me becuse m not aware of documentation required in case of joining ,leaving of employees including monthly nd annual return...Please guide me .......
Regards
Kirti Arora
From India, New Delhi
I m working as hr nd m handling pf in case of government RPFC but now our organisation decides to manage pf Trust.please help me becuse m not aware of documentation required in case of joining ,leaving of employees including monthly nd annual return...Please guide me .......
Regards
Kirti Arora
From India, New Delhi
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PF Transfer Request Letter - For PF Trust.doc
PF EXEMPTED.JPG
SC - PF authorities have no authority over exempted unit 93.2017.pdf