Query about Withdrawal from Superannuation Fund
This query is : Resolved
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From superannuation fund 1/3rd can be withdrawn on retirement.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.
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From superannuation fund 1/3rd can be withdrawn on retirement.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.
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
(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
Message likes :
2 times
07 June 2011
Sir, is there any recent amendment in this area making such withdrawal on retirement tax free?
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
there is no such amendment as talked by u
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
