Can any one explain the taxability of super annuation under the new perquisite valuation rules. Whether The same basis applied for FBT is applicable in the new perquisite valuation
M S GOPALAKRISHNAN (employed) (26 Points)
26 December 2009Can any one explain the taxability of super annuation under the new perquisite valuation rules. Whether The same basis applied for FBT is applicable in the new perquisite valuation
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 29 December 2009
The taxability of contribution to and from superannuation fund is goverend by sec 10(13).
Tax treatment will be as follows:
1.Employer's contribution
Approved superannutaion fund-exempt on death of beneficiary,on reaching the superannuation age or on incapacitation prior to retirement age
Unapproved superannuation fund-chageable to tax
NOTES:
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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