pls tell
whether payment from an approved superannuation fund is exempt u/s 10(13) before termination of service.
entire amount comprise of employer's contribution.
3 Replies
Rahul Gupta
(Chartered Accountant)
(644 Points)
Replied 22 December 2010
Payment for approved superannuation fund is exempted upto the limit of Rs. 1 Lac P.A. and the excess will be taxable. This limit is applicable for the payment made by the employer.
CA Atul Singhal
(prop)
(450 Points)
Replied 23 December 2010
pls mention in which section this is exempt
thanx
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 12 February 2011
By the virtue of Section 36(1)(iv) sum paid by the employer towards approved super annuation fund in the prescribed manner and under the prescribed conditions, is deductible as expenditure.
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