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Could anybody tel me about Superannuation : -
1. How it works
2. Under which act it will be followed.
3. What its benifits.
4. What is the procedure to star Superannuation in organisation.
Plz explain in brief.
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Dear Friends
Please throw lights on below points as well. I have my doubts.
1. Referring point No H of Swapna,
IF I leave my present organisation after 2 years of service, and new employer does not have SAF,the withdrawal of SAF will be subject to tax. Means the agency with whom the account is maintained, will deduct tax (10 %, 20%,30%). Does it make any difference on taxability if my service and contribution period is more than 2 years. What is approval of IT department in this case.
2. IF Annual contribution is more than Rs. 100K, the same(in addition of 100K) will be considered for the taxability of the employee.
Puran Dangwal
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