No Tags Found!


nitinarya
Dear Sir, you said there is no contribution from the employee and only employer pay 15% of basic in super anuation fund, whereas my company deduct above 5000 Rs. PM towards SA.. Can you please clarify if I took it correct?
Second question is how can I see balance of my superanuation or gratuity fund?

From India, Dehra Dun
avinash-babbi1
15

Dear Swapna ,

The querry raised by you for point (e) is correct , LIC Looks at the combined value of the corpus (Available/Maintained Gratuity & Superannuation Fund ) for deciding the rate of interest , they have a defined slabs according to which they give interest on the corpus. A higher or a lower rate of interest given by LIC is also dependent on the bargaining powers of the employer with the LIC.

Point two of your is customised by your company , it goes according to the trsut deed with the LIC. Trustee of the scheme must have imposed such a clause.

With the changing business scenario , most of the employers are are bringing flexibility in the trsut deed, once upon a time Superannuation fund was used as a retention tool as majority of the employers where having 3 years cap , for claiming superannuation fund.

Brining Flexibility in the Trust deed requires approval of board of directors and then application is made to CIT (Commissioner of Income Tax ) , once approval is obatined trust deed variation is possible to make it more favourable to the employees or to the subscribers of the scheme.

From India, Rohtak
jha kailashnath
Dear Sir,
I have applied for full & final settlement of Superannuation fund on 30.06.10 with Century Cement. But to my utter surprise my claim is rejected by company on 29.7.10 that as per rules of superannuation fund the member should have to complete minimum 5 years of service with organization. I was covered under the superannuation scheme from 1.12.2006 to 28.8.2008 at the age of 54 years and resigned due to illness on 28.8.2008 after completion of 56 years of age. Between these periods I have received a yearly statement of contribution also. I am not working with any organization. Now company is telling that I am not eligible. Kindly advice.
It would be great to receive replies also on my email –
Regards,
Kailash Jha

From India, Delhi
jha kailashnath
Dear Sir,

I have applied for full & final settlement of Superannuation fund on 30.06.10 with Century Cement. But to my utter surprise my claim is rejected by company on 29.7.10 that as per rules of superannuation fund the member should have to complete minimum 5 years of service with organization. I was covered under the superannuation scheme from 1.12.2006 to 28.8.2008 at the age of 54 years and resigned due to illness on 28.8.2008 after completion of 56 years of age. Between these periods I have received a yearly statement of contribution also.

I am not working with any organization. Now company is telling that I am not eligible.

The company might have taken advantage of this and claimed Income Tax rebate from IT dept on the contributions towards the Superannuation fund amount deposited on my name.

So if company cannot pay this amount to me then how company can get the benefit of tax rebate on the funds deposited.

Kindly advice ASAP.

It would be great to receive replies also on my email –

Regards,

Kailash Jha

From India, Delhi
Manoj 2010
Hi, Arun, Please tell me under which sub-section of section 10 of income tax act,the interest of superannuation fund is exempted for tax
From India, Kalyan
andreferns
Have been looking up the Super Annuation documentation. It states that he Company pays 15% of basic wages as superannuation contribution. There is no contribution from the employee. However, in the organsiation I work the same is being deduted from my CTC. Do let me know if this is right.
If this is a wrong doing by the organsation, whom should I approach.
Thanks and Regards,
Andre Fernandes

From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.






Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.