Superannuation And Pf

vickysadan
Hi,
I am in superannuation scheme for last five yrs and now my employer has informed that the contribution on my account has crossed tax limit of 100k and i have two choose between following options:
1. out of toal contribution from my account the Contribution to be made in superannuation is upto 100k and other part to be contributed in PF.
2. Take out all the fund from superannuation as per Tax rules and start full contribution in PF scheme.
Pls suggest which will be better. Also what is the tax ammount on withdrawing Superannuation scheme
Thanks.
Vikas
Avika
If your employer is telling you to withdraw the superannuation amount as the contribution has exceeded the limit of 1 lac, please ask them the reason for it and the rule under which he is saying so.
In my opinion, the limit of 1 lac was for contribution to superannuation fund for one year under the FBT scheme. if the contribution exceeded 1 lac per annuam the employer was supposed to pay FBT on it. Now the FBT has been withdrawn and there is no tax in this contribution.
I think the employer does not know about the correct procedure of law.
Please seek clarification from them.
Hope this would help you.
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