Please Help: ITR

Posted Date : 29-Jul-2013 , 02:58:20 pm | Posted By Sandhya Verma

what is the treatment of superannuation amount receiver on retirement. where it can be shown.

Category : Income Tax | Answers : 2 | Comments : 1 | Hits : 76

Answers

Answer By: SUBHASH KUMAR JHA

if you have received amount from Approved Superannuation Fund then employer contribuition in excess of Rs.1,00,000 will be taxable.
As on retirement
You have received from approved superannuation as follows
Your contribuition 10,00,000
Employer contribuition 5,00,000
Interest On employer contribuition 10,000
Interest On own Contribuition 20,000
your all amount is exempted except employer contribuition in excess of Rs.1,00,000 i.e.Rs.4,00,000 will be taxable
Unapproved superannuation fund is same as Unrecognised providend fund such as own retirement:-
Own contribuition Exempted
Employer contribuition Salary
Interest On own contribuition Other source
Interest On employer contribuition Salary

Answer By: SUBHASH KUMAR JHA

if you have received amount from Approved Superannuation Fund then employer contribuition in excess of Rs.1,00,000 will be taxable.
As on retirement
You have received from approved superannuation as follows
Your contribuition - 10,00,000
Employer contribuition - 5,00,000
Interest On employer contribuition - 10,000
Interest On own Contribuition - 20,000
your all amount is exempted except employer contribuition in excess of Rs.1,00,000 i.e.Rs.4,00,000 will be taxable
Unapproved superannuation fund is same as Unrecognised providend fund such as own retirement:-
Own contribuition - Exempted
Employer contribuition - Salary
Interest On own contribuition - Other source
Interest On employer contribuition - Salary