Guide to Provident Fund and its meaning. Here, we explain its example, benefits, taxation, and comparisons with gratuity and pension funds. Provident Fund is a retirement savings scheme for salaried employees in India, where both the employee and employer contribute a portion of the salary to a fund that earns interest and can be withdrawn upon retirement. Learn about the key features, types, benefits, and importance of UAN for Provident Fund accounts. Types of Provident Funds and the importance of taxes: Depending on different tax conditions and their implications, there are four types of funds, including: Statutory Provident Fund Recognized Provident Fund Unrecognized Provident Fund Public Provident Fund Statutory Provident Fund (SPF): The local authorities, government agencies, railways, universities, etc. They manage this Provident fund. This action falls within the scope of the Insurance Funds Act of 1925. Employers may not have tax ... A provident fund is an investment fund set up typically to save for long-term goals such as retirement. Several types of Provident Funds exist, including Public Provident Fund, Recognised Provident Fund, etc.
