Section 10(10a) iii, clause 23aab
This query is : Resolved
09 November 2011
As stated by insurance companies in their product brochures, tax benefit on contribution to pension plans is that upto one third can be commuted from the accumulated pension fund tax free and the balance can be availed as annuity. However, Section 10(10A) iii, clause 23AAB states that such income does not form part of total income.Could not find any clause which states only an amount upto one third of the fund can be commuted as tax free. Request clarification if the entire fund can be commuted as tax free
09 November 2011
The entire fund can not be commuted as the funds are following the guidelines issued in this regard.
.
By the virtue of Section 10(23AAB) the income of such FUNDS set up under a pension scheme approved by the Controller of Insurance or IRDA...... is exempt.
SO THIS CLAUSE IS FOR FUND'S INCOME AND NOT FOR THE AMOUNT RECEIVED BY US.
.
You may find the desired clause of 1/3 rd commutation in Section 10(10A) (ii)(a).
.
.
By the virtue of Section 10(23AAB) the income of such FUNDS set up under a pension scheme approved by the Controller of Insurance or IRDA...... is exempt.
SO THIS CLAUSE IS FOR FUND'S INCOME AND NOT FOR THE AMOUNT RECEIVED BY US.
.
You may find the desired clause of 1/3 rd commutation in Section 10(10A) (ii)(a).
.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax implications of gift to maternal uncle
- Closure of a PVT LTD company
- Real estate business by a partnership firm where both of the partners are SC/ST
- 26QB correction - no data available error for fully consumed/processed with default
- ROC filings for the first year of incorporation
- Input Tax Credit Puf panels
- When I Login E-invoice portal with waybill user id and pw, it is showing 3011 error data
- TDS on Purchase of Immovable Property in case of Co Owner
- How to open attachment in 23ac xbrl
- GST on house property
- Income tax planning
- Please help with SAC Codes (6 digits) for below mentioned services provided by Chartered Accountant
- Printing Press under Composition Scheme
- 140-A Tax Wrongly Paid PAN No
- CSR funding for private limited companies
- Professional tax deduction monthly
- Cross charges verses Isd methof
- Refund Application in RFD 01 for Export without payment of tax
- Ewaybill bill to ship from
- Fail to issue gst invoice from last 46 months
CAclubindia
