My company provide us 15% of Basic as superannuation and it deposited in a LIC scheme. When an employee resigns , one of the option is he/she can take 1/3rd as tax free , remaining to be kept in any pension scheme.
My query : Is it possible to take all 100% money from superannuation. If so what will be the tax%? Will it be flat taxed like standard 30% or 20% or will it be added along with salary in form 16 and then tax % arrived? request you expert reply. Thank you
I think the LIC pension scheme what you are talking about works in the same way the exemption in allowed under the income tax u/s 10(10A). So if you can get any amount extra from the scheme it will be completely taxable.
Thank you. But please let me know Tax %.
Say for e.g , if I have 10L in super annuation , then 3.33L is not taxable and 6.67 L is taxable.
If I have take 100% superannuation , that is 2011 Nov 18, then I need to pay flat tax like 20% ,30% etc?
or this 10L is added with my salaries and others in my form 16 for 2011-12 and overall tax is calculated?
Please clarify. Thanks
Thank you. But please let me know Tax %.
Say for e.g , if I have 10L in super annuation , then 3.33L is not taxable and 6.67 L is taxable.
If I have take 100% superannuation , that is 2011 Nov 18, then I need to pay flat tax like 20% ,30% etc?
or this 10L is added with my salaries and others in my form 16 for 2011-12 and overall tax is calculated?
Please clarify. Thanks
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