25 October 2008
I hav withdrawn my Superannuation Fund from my Co's Fund. But TDS is deducted @30.9% from my payment. I know that exemption is not avaiulable u/s 10(13). My question is
1) is TDS deductible @ maximum rate? 2) Cant i claim TDS in my Tax filing.
28 October 2008
Since Tds is deducted 30.9% , your income from salaery would have exceeded the 2.5 lakh slab but less than 10 lakhs(since surchsrge not chaerged). Example Salary before suppeannaution Rs.4,00,000.00
salary after supperannuation Rs.5,00,000.00
Since deduction u/s 10(13)is not available, the company has deducted the same from the superannuation fund .
if superannuation is not there then company wil deduct tax on 4lacs lik this, 110000 - 150000 = 10% 150000-250000 = 20% & total income - 250000 = 30%
so any addition to the salary Rs.4 lacs will come to 30% slab. and you hav taken fund from your own company they knws tat your salary is > 2.5 & < 10 lacs they deducted directly @ 30.9%(30% + 3% Educational cess on 30%) and given TDS certificate to you.
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