Dear Sirs,
Request your help on Super Annuation Scheme. I have collected much information on various schemes but still I need clarification on the following -
1) Is there any statutory requirement for eligibility in the Scheme? e.g. Is it compulsory for an employee to be in service for minimum 5 years to avail benefit of SA scheme when he leaves the company? or this would depend upon the company providing SA scheme?
2) What is the tax benefit to Employee? If the contributions are made by the Employer - it would NOT be considered at Income in the hands of an employee up to the limit of Rs. 100,000/- and above this limit it would be taxable. Does this also mean the employee will have contribution up to 1 lac as tax free above 1.00 Lac limit u/s 80C?
Thanks & Regards,
Kedar Pradhan
Request your help on Super Annuation Scheme. I have collected much information on various schemes but still I need clarification on the following -
1) Is there any statutory requirement for eligibility in the Scheme? e.g. Is it compulsory for an employee to be in service for minimum 5 years to avail benefit of SA scheme when he leaves the company? or this would depend upon the company providing SA scheme?
2) What is the tax benefit to Employee? If the contributions are made by the Employer - it would NOT be considered at Income in the hands of an employee up to the limit of Rs. 100,000/- and above this limit it would be taxable. Does this also mean the employee will have contribution up to 1 lac as tax free above 1.00 Lac limit u/s 80C?
Thanks & Regards,
Kedar Pradhan