Hello,
I have an issue while filing this years IT return for FY 14-15.
- Our company had a Super Annuation Fund (SAF) to which company used to contribute a certain amount based on Basic salry every year.
- In 2014-15 company gave us an option to withdraw this amount which I accepted. Copmany paid me a lumpsum amount after deducting TDS.
- I come in the 30% income tax bracket.
- Since Super Annuation amount was above Rs 1 Lacfrom FY 2009-10 onwards, the additional amount abobe Rs 1 Lac was shown as perk and Taxed already in last 5 FY
- So in the final settlement, company deducted the cumulative perk amount in last 5 FY from the groos accumulated amount in Super Annuation Fund before calculating the TDS
- My problem is how do I account for this amount (cumulative value of perk which is already taxed in last FY) while filing current AY tax return?
Please advise.
K V RAM
