SuperAnnuation Accumulation settlement from Trust
This query is : Resolved
KIRIT CHAUHAN
(Querist)
17 March 2023
Please let me know whether the Superannuation settlement to the member is Taxable if completely withdrawn.
Also, if the member provides the Medical certificate stating "Chronic Renal Failure" duly signed by the Panel Doctor, is it Taxable ?
The member is a Senior Citizen.
Kindly reply.
Thanx
Also, if the member provides the Medical certificate stating "Chronic Renal Failure" duly signed by the Panel Doctor, is it Taxable ?
The member is a Senior Citizen.
Kindly reply.
Thanx
18 March 2023
Under Section 10(13), payment of superannuation amount is not taxable under the following circumstances:
If the payment is made after the death of the employee to their heirs;
If the payment is made as refund of contributions on the death of the employee;
If the payment is made to an employee as an annuity plan after their retirement (voluntarily or due to age limit);
If the payment is made to an employee who is incapacitated by a disability or illness or other reasons, to the extent to which such payment does not exceed the contributions made prior to the commencement of this Act and any interest thereon.
If the payment is made after the death of the employee to their heirs;
If the payment is made as refund of contributions on the death of the employee;
If the payment is made to an employee as an annuity plan after their retirement (voluntarily or due to age limit);
If the payment is made to an employee who is incapacitated by a disability or illness or other reasons, to the extent to which such payment does not exceed the contributions made prior to the commencement of this Act and any interest thereon.
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