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What journal entry for provident fund?
To record employee contributions to the provident fund: Debit Provident Fund Expense and Credit Employee Contribution Payable. To record employer contributions: Debit Provident Fund Expense and Credit Employer Contribution Payable.
What is contribution refer to provident fund?
Contribution refers to the amount of money that gets deposited into the pf account
Can any employer discontinue paying his contribution to the provident fund?
No. It is a crime and he can be arrested for it
What is the percentage of employer's contribution to provident fund on employee's basic?
It is 12% of your Basic Salary
What is the percentages of employee provident fund?
Contribution is 12% of the basic salary and the current interest rate is 8.6%
When was Central Provident Fund created?
Central Provident Fund was created in 1955.
What is the interest rate on unrecognized provident fund?
There is no such thing as an Unrecognized provident fund. The rate of interest on provident fund in India is 8.6% per year
Which one is better between voluntary provident fund and public provident fund?
VPF
Can you remit provident fund contribution of casual employees employing less than 10 days?
It is not possible as well as not required
How many FDI in provident fund?
None. The Indian government does not allow FID in provident fund
What is maximum age limit of a person for deduction of provident fund in India?
Until Retirement - Usually 62 or 65 years
Is there necessary to sign of previous employer to get provident fund?
Yes. The Employers signature/attestation is required to get the provident fund
