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Group super annuation - commutation taxability

Tax queries 251 views 2 replies

Sir, 

1. For LIC Group Super annuation -  contribution paid entirely by employee and there are no employer contribution. Is the whole annual contribution deductible from gross income. (upto 1.5L?). Is it under 80CCC? 

2. Is Super annuation in above case, the 1/3rd commutation taxable during resignation after 5+ years. 

3. Is there any other pension scheme available, which we can contribute individually and  claim deduction under 80CCC.

4. Hope NPS contributions can be reduced from gross  income  80CCD.  Is it eligible under 80C as well?

     If 1.5 lakhs invested in NPS, would be eligible for 1.5L under 80CCD(1)  & 50K  under 80CCD(1b). or 

     should we invest 2L to get rebate of   1.5L under 80CCD(1)  & 50K  under 80CCD(1b)

Thanks.

Replies (2)
1. yes deductible
2. not taxable
3. there are pension schemes notified by central govt. google it
4. no
5. no
6. yes

Thanks  Sir,

1.  On Point-2 : Could you please refer any section stating that, since most of the online Q&A, states commutation is taxable.

2.  Voluntary PF : Person having 10+ Years of EPF account wants to close EPF on resignation. IF he starts contributing to Voluntary PF for past 2 years, will the VPF portion be taxable. 

3. Another Scenario : First employer : EPF : 10 years; EPF transferred to second employer; Employee resigns after 4 years of service and closes EPF. Hope the withdrawals are not taxable as the contribution age of the PF is taken as 10+4 years under same UAN, 


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