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Friday, November 08, 2013

Approved Superannuation Fund

Approved Superannuation Fund [sec. 10 (13)]

The tax treatment as regards the contribution to and payment from the fund is as under:
Ø  Employee's contribution: Deduction is available under section 80C from gross total income.
Ø  Employer's contribution: Contribution by the employer to the approved superannuation fund is exempt upto Rs. 1,00,000 per year per employee. If the contribution exceeds Rs. 1,00,000 the balance shall be taxable in the hands of the employee.
Ø  Interest on accumulated balance: It is exempt from tax.

Any payment from an approved superannuation fund is exempt from tax if it is made on the following situations:
a)      on the death of a beneficiary to an employee
b)      in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming in capacitated prior to such retirement

c)       By way of refund of contribution on the death of beneficiary