08 August 2012
As per the provisions of section 17(2)(vii) of the Income Tax Act 1961, the amount of employer’s contribution to an approved superannuation fund is chargeable to tax in the hands of employees, to the extent it exceeds one lakh rupees.
Whether it is to be taken on annualized basis (i.e. per financial year basis) or lump sum basis as in the case of Initial contribution??
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