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recognized and non recognized PF
08-03-2011, 02:19 AM
Post: #1
recognized and non recognized PF
If a firm is maintaining a non-recognized Provident fund and convert to recognized provident fund. What will be the impact on the employees of that firm?
Will we add employee contribution to calculate his annual taxable salary?
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08-03-2011, 06:17 PM
Post: #2
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Khawar Ajaz</i>
<br />If a firm is maintaining a non-recognized Provident fund and convert to recognized provident fund. What will be the impact on the employees of that firm?
Will we add employee contribution to calculate his annual taxable salary?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Rule 7 of Part I of Sixth Schedule of the Income Tax Ordinance, 2001 answers your query.

Not specifically your query, but the topic of provident fund has been discussed in the earlier post "Taxation of Employee Provident Fund" by "Beyond.Spirits".

http//www.accountancy.com.pk/forum/topic.asp?topic_id=25531

In accordance with the group posting guidelines, I will advise you to post this question on the above mentioned post so that the readers/members may find all the information in one thread. Thank you
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