Superannuation
This query is : Resolved
12 August 2010
I am working with UCB India Limited. Our company is contributing in superannuation scheme. I am not aware about tax applicability of such amonunt and also not aware about any rules that governing such scheme. Our trustee of scheme is LIC india.
Please help me.
Mehul Shah
9904100330
Term of service 1 Year only
Please help me.
Mehul Shah
9904100330
Term of service 1 Year only
13 August 2010
Dear Mehul,
So long as you do not get any withdrawals from Superanuation fund, it is not taxable in your hands to the extent of 15% of annual contributions, made by the employer.
However, On withdrawal, which most likely would be on parting ways with existing employers, the same would be taxable in the year of receipt to the extent of sum received. You can ask for copy of rules from employer for your knowledge.
Thanks, Pankaj
So long as you do not get any withdrawals from Superanuation fund, it is not taxable in your hands to the extent of 15% of annual contributions, made by the employer.
However, On withdrawal, which most likely would be on parting ways with existing employers, the same would be taxable in the year of receipt to the extent of sum received. You can ask for copy of rules from employer for your knowledge.
Thanks, Pankaj
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