pls tell
whether payment from an approved superannuation fund is exempt u/s 10(13) before termination of service.
entire amount comprise of employer's contribution.
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approved superannuation fund
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Payment for approved superannuation fund is exempted upto the limit of Rs. 1 Lac P.A. and the excess will be taxable. This limit is applicable for the payment made by the employer.
pls mention in which section this is exempt
thanx
By the virtue of Section 36(1)(iv) sum paid by the employer towards approved super annuation fund in the prescribed manner and under the prescribed conditions, is deductible as expenditure.
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