Superannuation paid in payslip & also recoverd as superannua
This query is : Resolved
03 November 2009
Employee is paid Rs.7500 p.m. as superannuation in salary alongwith basic da etc.Also while calculating net salry ayable the superannuation amount included in Gross Salary is recovered & paid as a contribution to Superannuation fund.
My query is that while working out TDS liability of employee the sum of Rs.7500 p.m. included in gross salary is to be included or excluded
My query is that while working out TDS liability of employee the sum of Rs.7500 p.m. included in gross salary is to be included or excluded
03 November 2009
TDS will be on taxable salary only. So u need not consider the contribution to approved superannuation fund.
03 November 2009
Rs.7500 included as superannuation in Gross salary is not a taxable salary.Kindly inform as to whether it is required to be shown as gross income & then to be deducted for arriving at taxable salary.Also inform the section of IT Act vide which Rs.7500 included as superannuation in gross salary is not a taxable salary.
03 November 2009
See this link for no tax on employer's annual contribution
http://www.incometaxindia.gov.in/publications/7_Tax_Benefits_for_Pensioners/Chapter4.asp.
No need to show this( by gross up then deduct) and can't be shown in annexture ii of TDS return.
http://www.incometaxindia.gov.in/publications/7_Tax_Benefits_for_Pensioners/Chapter4.asp.
No need to show this( by gross up then deduct) and can't be shown in annexture ii of TDS return.
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
