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.
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.
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
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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