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).
CA R SEETHARAMAN
(Expert)
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.
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