A person get 15% of his basic per month for superannuation allowance from his employer .Whether this amount is taxable , how he can save his income tax liability on this issue.
1 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 22 September 2009
Yes this allowance is taxable .Before Introduction of FBT this was 100% employer Contribution and after FBT is introduced it was given as an allowance to employee which is taxable in employees hands.Tax planning to be done on an overall basis.But if this allowance comes in your pool of allowances to decide then choose those allowances which are exempt under sec 10
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