Superannuation paid in payslip & also recoverd as superannua
This query is : Resolved
03 November 2009
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
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
03 November 2009
TDS will be on taxable salary only. So u need not consider the contribution to approved superannuation fund.
03 November 2009
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.
03 November 2009
See this link for no tax on employer's annual contribution
https://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.
https://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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