Query about Withdrawal from Superannuation Fund

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Aditi (Querist)
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07 June 2011
Hi All !!

I have following query:

From superannuation fund 1/3rd can be withdrawn on retirement. Any idea if this is taxable or tax free. Someone was informing that from this year the withdrawal has been made tax free but he was not sure.

Thanking you in advance.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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07 June 2011 In the following circumstances, any payment from an approved superannuation fund is exempt under clause (13) OF SECTION 10:
(a) on the death of a beneficiary; or
(b) to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming incapacitated prior to such retirement; or
(c) by way of refund of contributions on the death of a beneficiary
IN CASE OF ANY WITHDRAWAL TAX WILL BE DEDUCTED BY THE EMPLOYER

CA MANOJ GUPTA
JODHPUR
09828510543

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Aditi

Aditi (Querist)
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07 June 2011 Sir, is there any recent amendment in this area making such withdrawal on retirement tax free?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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08 June 2011 any withdrawal is taxable to the extent it exceeds the employee's contribution and interest thereon
there is no such amendment as talked by u

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