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Superannuation fund - where does it fit?

Harsha (Software professional) (214 Points)

20 July 2013

Hi,

After my resignation, I have received my Superannuation fund . I see that tax has been deducted at source. But regular Form-16 doesn't account for either of the amounts.

So where do I add SA fund ? Salaries or allowances not exempt? I believe I need to add the related tax to the TDS amount too

I am under 40 in age and this fund is for a career of around 12 years in a private company.

Please advice.

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3 Replies

SAURABH NENE (Chartered Accountant) (226 Points)
Replied 20 July 2013

Dear Harsha,

You will have to confirm the naure of SA fund. Is it a gratuity or is it providend fund or commutation or some other fund. I think all these collectively are known as superannuation funds. Only after identification of exact nature of payment, its taxability can be determined.

Next u will have to verify, whether your employer has deposited the tax deducted at source to the Govt. For this u can check form 26 AS available on income tax e-filing portal.

Harsha (Software professional) (214 Points)
Replied 20 July 2013

Thanks Saurabh! Yes, the company has deducted tax at source. I have verified under 26AS.

It is different from Gratuity, which has been mentioned in form 16 and used for tax calculations.

It is different from PF, which is 100% tax free. The fund I am mentioning is a special fund created by our company.

Also I have been advised to mention gratuity under salaries , not under allowances. By that logic, looks like this fund also needs to go under salaries

SAURABH NENE (Chartered Accountant) (226 Points)
Replied 20 July 2013

Yes one thing is certain that, if the payment that u have received is taxable in your hands, it has to under the salaries and no other head. So if it is so, u can directly add the amount to your gross salary in the return of income and also claim the TDS

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