Employer's Contribution towards Pension Fund/Scheme- Exemption

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..... Employer's Contribution towards Pension Fund/Scheme- Exemption
Query (Issue) Started By: - Sunil Agarwal Dated:- 6-3-2012 Last Reply Date:- 12-3-2012 Income Tax
Got 1 Reply
Income Tax
Em .....

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..... ployer's contribution to an approved superannuation fund is exempt from tax u/s 17(2)(vii) to the extent of Rs. one lakh per annuam. Further, as per provision of Section 80CCD (2) contribution made by .....

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..... the employer to a notified pension scheme is exempt from tax to the extent of 10% of salary. A doubt has arisen whether an employee may claim exemption towards pension fund and notified pension schem .....

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..... e separately for a year. For emample, if the salary of an employee is Rs. 10 lakh, can he contibute 1 lakh each under u/s 17(2) as well as u/s80DD(2) so that he may claim tax free income for Rs. 2 la .....

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..... kh. I would like to mention that the contribution u/s 80DD(2 is outside the limit of Rs. 1 lakh as mention u/s 80CCE w.e.f. 1.04.2012. To my understanding, it is possible. I need views of Experts Re .....

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..... ply By GOPALJI AGRAWAL: The Reply: Sunil Ji, you seem correct. But please note that withdrawals from such pension scheme is taxable.
Discussion Forum - Knowledge Sharing .....

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