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Girishchandra K Shah
( Author )
03 November 2009
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Employee is paid Rs.7500 p.m. as superannuation in salary alongwith basic da etc.Also while calculating net salry ayable the superannuation amount included in Gross Salary is recovered & paid as a contribution to Superannuation fund.
My query is that while working out TDS liability of employee the sum of Rs.7500 p.m. included in gross salary is to be included or excluded
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CA SANJAY MUKHERJEE
( Expert )
03 November 2009
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TDS will be on taxable salary only. So u need not consider the contribution to approved superannuation fund. |
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Girishchandra K Shah
( Author )
03 November 2009
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Rs.7500 included as superannuation in Gross salary is not a taxable salary.Kindly inform as to whether it is required to be shown as gross income & then to be deducted for arriving at taxable salary.Also inform the section of IT Act vide which Rs.7500 included as superannuation in gross salary is not a taxable salary. |
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CA SANJAY MUKHERJEE
( Expert )
03 November 2009
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See this link for no tax on employer's annual contribution
http://www.incometaxindia.gov.in/publications/7_Tax_Benefits_for_Pensioners/Chapter4.asp.
No need to show this( by gross up then deduct) and can't be shown in annexture ii of TDS return.
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