Superannuation taxability
ashish dharkar (accountant) (140 Points)
09 July 2024
SUPERANNUATION PAYOUT RECEIVED 35% OF THE CORPUS is taxable
2 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5148 Points)
Replied 10 July 2024
That's correct. According to Indian tax laws, when a superannuation fund payout is received, 35%of the corpus (amount received) is taxable as income. This is considered as "Income from other sources" and is subject to tax at the receipient's slab rate.
Here's a breakdown:
65% of the corpus is tax-free
35% of the corpus is taxable
It's important to note that this taxability rule applies to superannuation funds that are not exempt from tax, like the Employees' Provident Fund (EPF).
ashish dharkar
(accountant)
(140 Points)
Replied 10 July 2024
Please confirm is it other income or Pension income.
Best Regards
Ashish
Recent Topics
- Nznxnc call me at the end of the day of the
- Cp chod doob zoom vo book book
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
Related Threads
CAclubindia
