Provident Fund Registration Services
BeSpoke Consulting and Training offers Provident Fund Registration Services in Lahore Pakistan and we also provide professional services for Exemption Application under section 159 of the Income Tax Ordinance, 2001.
Provident Fund Registration Pakistan: Provident fund is a very common retirement plan to benefit the employees, which is contributory in nature and yields a feeling of participation in employees.
The Establishment settles the Provident Fund in form of Trust, required to be registered with the concerned Sub-registrar for getting the status of an independent Body. There are three types of Provident funds, which are known as:
Statutory Provident Funds, which are set up under the Provident Fund Act, 1925 and is maintained by the Government, semi Government organizations, local authorities and other such institutions. Payments from such funds does not need recognitions from the Commissioner Inland Revenue and are exempted from Income Tax.
Recognized Provident Fund, which is recognized by the Commissioner Inland Revenue under the Sixth Schedule of Income Tax Ordinance, 2001. This type of Provident Fund is maintained by private sector or organizations. Payments from such Provident fund are exempted from Income Tax.
Unrecognized Provident Fund No exemptions are available but there is no yearly taxability. Employer’s contributions and interest thereon will be taxable at the time of payments to the employees only.
To hire us for your Provident Fund Registration and Application for Issuance of Exemption Certificate for Provident Fund Trust under section 159 read with section 151 further read with clause 57(3) of 2nd Schedule of The Income Tax Ordinance, 2001