Question

Difference between recognized provident fund and unrecognized provident fund

Answer 1

Answer:

recognised provident fund is a provident fund which is recognised by Commissioner of Income Tax. a President fund which is not recognised by Commissioner of Income Tax is known as unrecognised provident fund this provident fund may be operated in the private establishments.

Answer 2

The Answer is as follows:

Provident fund is defined as the security fund or a part of an individual's salary that an individual saved for the future purposes.

There are two types of provident fund:

(i) Recognized provident fund:

Under Employees provident fund act and Miscellaneous Provision act 1952, it is recognized by the commissioner (Income tax department).

(ii) Unrecognized provident fund:

It doesn't recognized by the commissioner of income tax department. In fact, it is started by the employees and employers of the firm.

Learn more:

What is provident fund?

https://brainly.in/question/1940615

Provident fund is rs 3000 and liability for provident fund is 2500?what is the journal entry for this

https://brainly.in/question/11089500