Taxation of superannuation fund ??
This query is : Resolved
17 August 2014
Mr. X (45 years old ) received following amount from approved superannuation fund on resignation after rendering service of 20 years.
1. Employer contribution - 500000
2. Interest thereon - 100000
3. Own contribution - 500000
4. Interest thereon - 100000
what will be the taxable amount and exempt amount ?
1. Employer contribution - 500000
2. Interest thereon - 100000
3. Own contribution - 500000
4. Interest thereon - 100000
what will be the taxable amount and exempt amount ?
17 August 2014
Entire amount is exempt from Tax.
Any payment received from a Provident Fund, (i.e. to which the Provident Fund Act, 1925 applies) is exempt. Any payment from any other provident fund notified by the Central Govt. is also exempt.
Please refer Section 10(11).
Any payment received from a Provident Fund, (i.e. to which the Provident Fund Act, 1925 applies) is exempt. Any payment from any other provident fund notified by the Central Govt. is also exempt.
Please refer Section 10(11).
18 August 2014
Payment from an Approved Superannuation Fund will be exempt provided the payment is made in the circumstances specified in the section 10(13) viz. death, retirement and incapacitation.
As the amount you got is on resignation it is taxable.
As the amount you got is on resignation it is taxable.
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
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Traces submitting correction statement error
- TDS _Long term Capital Gain ref.sec 214 Table 2
- IT returns for fresh job holders
- ITR-Capital Gain
- Reporting in TDS return
- 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
