Tax on perquisites in case of super annuation contribution
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2011
A an employee, is eligible for superannuation from his employers. Th company is contributing 15% of the salary considered for PF purposes. The amount of contribution exceeds Rs. 100000. As per provisions of S. 17, the excess amount over Rs. 100000 would be taxable in the hands of the employee in the year of contribution. post retirement the monthly contribution received by the employee, would it again be taxable in the hands of the employee? Can anybody throw light on this matter?
09 June 2011
IN CASE OF SUPPERANNUATION FUND THE AMOUNT RECD IS TAXABLE EXCEPT IT IS RECD IN SUCH CIRCUMSATNCES AS ARE MENTIONED IN SECTION 10(13)
HOWEVER ONLY THE SUM RECD OVER AND ABOVE EMPLOYEES COTRIBUTION AND INTT THEREON IS TAXABLE UNDER SECTION 17(3)
IN THIS CASE AS PER LAW THE SUM RECD WILL BE TAXED AND THIS WILL RESULT IN DOUBLE TAXATION
THIS IS A DRAFTING ERROR BUT IT IS SO
CA MANOJ GUPTA
JODHPUR
09828510543
HOWEVER ONLY THE SUM RECD OVER AND ABOVE EMPLOYEES COTRIBUTION AND INTT THEREON IS TAXABLE UNDER SECTION 17(3)
IN THIS CASE AS PER LAW THE SUM RECD WILL BE TAXED AND THIS WILL RESULT IN DOUBLE TAXATION
THIS IS A DRAFTING ERROR BUT IT IS SO
CA MANOJ GUPTA
JODHPUR
09828510543
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- ASMT-10 received from A O
- Gst on travel by air for business purposes
- Taxability of credit in canara bank ET & T section (NRO)
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- ITR-3 File/Error Found
- Banking Related Issue
- IT returns for fresh job holders
- 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
