Abhinav (student) (564 Points)
19 July 2013
Devendra
(Chartered Accountant)
(4775 Points)
Replied 20 July 2013
1) Calculate income tax only on the Salary received by the employee. The Superannuation Fund amount received is exempt, so show the same as exempt in the Income Tax Return
2) The client shall get the credit of the Tax deducted by the employer on the payment of superannuation Fund
3) Here in the above case, there was no need to deduct TDS on payment of Superannuation Fund in the event of retirement of the employee (ie. your client).
4) Your client will get back the amount of TDS deducted as Income Tax Refund.
Note :
1) TDS is deducted on payment of Superannuation Fund, if the employee resigns, discharges or is dismissed.
2) Whereas the payment of Superannuation Fund in the event if death of employee / beneficiary or at the time of retirement shall be exempt u/s 10(13) of the Income Tax Act, 1961.
Regards,
Devendra Kulkarni
Abhinav
(student)
(564 Points)
Replied 21 July 2013
SHASHANK SINGHAL
(Advocate)
(23 Points)
Replied 25 July 2016
what will be the treatment if superannuation reacieved during the cource of his job
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
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