23 October 2008
X isd having Rs. 15 lacs in his superannuation fund. She EITHER wants to transfer 2/3 of balance to LIC annuity plan and rest want to receive as commuted balace OR transfer whole to LIC annuity plan. What is Tax and TDS liablity in either case.what should she do
23 October 2008
I pressume you are talking about withdrawal on Superannuation. The one- third commuted lumpsum is tax free. The pension received from annuity plan together with income from various other sources is more than basic non taxable income it is taxable.
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