From superannuation fund 1/3rd can be withdrawn on retirement. Any idea if this is taxable or tax free. Someone was informing that from this year the withdrawal has been made tax free but he was not sure.
07 June 2011
In the following circumstances, any payment from an approved superannuation fund is exempt under clause (13) OF SECTION 10: (a) on the death of a beneficiary; or (b) to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming incapacitated prior to such retirement; or (c) by way of refund of contributions on the death of a beneficiary IN CASE OF ANY WITHDRAWAL TAX WILL BE DEDUCTED BY THE EMPLOYER
08 June 2011
any withdrawal is taxable to the extent it exceeds the employee's contribution and interest thereon there is no such amendment as talked by u
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