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Apr 20, 2020 · Employer’s contribution to the approved superannuation fund is exempt to the extent of INR 1.50 Lakhs per year per employee. If the amount exceeds INR 1.50 Lakhs, the excess amount would be taxable in the hands of the employee. The amount received from an approved superannuation fund is exempted as per provisions of section 10 (13).
Section 10 (13) in The Income Tax Act, 1961. (13) any payment from an approved superannuation fund made—. (i) on the death of a beneficiary; or. (ii) to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming incapacitated prior to such retirement; or. (iii) by way of refund of ...
- Conditions of Exemptions
- Benefits of Approved Superannuation Funds
- Examples of Exemptions
There are certain conditions that need to be fulfilled to avail the benefits under Section 10(13). 1. Firstly, the fund must be approved by the Commissioner of Income Tax. This means that the fund must meet the criteria set by the tax authorities in terms of contributions, investments, and overall management. 2. Secondly, the payment must be receiv...
Here are some of the benefits of Approved Superannuation Funds: 1. Tax-free contributions 2. Tax-free growth of investments 3. Tax-free withdrawals 4. Portability of benefits 5. Flexibility to choose between lump sum and annuity payments
Here are some examples of payments from an approved superannuation fund that are exempt from tax under Section 10(13): 1. Lump sum withdrawal on retirement. 2. Annuity payments received after retirement. 3. Death benefit paid to the heirs of the employee. 4. Refund of contributions on the death of the employee. 5. Disability benefit paid to the emp...
Jul 17, 2018 · A deduction is permissible under Section 10 (13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a rented house and get a HRA from your employer. The HRA deduction is based on salary, HRA received, the actual rent paid and place of residence.
Jul 28, 2018 · A deduction from such HRA is allowed under section 10 (13A), which is least of the following: –. Actual HRA received. 40% of salary (50% of the salary if the rented property is in Metro City i.e. Mumbai, Delhi, Chennai or Kolkata) Actual rent paid less 10% of salary. Meaning of salary for HRA exemption calculation.
Under Section 10 (13A) of the Income Tax Act, 1961, the HRA received by an employee is partially exempt from tax. The amount of exemption is determined based on certain factors such as the actual HRA received, the rent paid, and the location of the rented accommodation. The actual HRA received from the employer.
Dec 30, 2017 · Section 10(13) provides for exemption with regard to payment from an approved superannuation fund. Section 10(13)(ii) of the Act provides for exemption in the hands of the employee in respect of the amount received on commutation of the annuity in case of retirement at or after a specified age or becoming incapacitated prior to such retirement.
