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Direct Taxation
As per 10(13) Superannuation fund made to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age is exempt. However there's no section /rule on how to calculate the exemption. Some articles claim that 1/3 of the amount is exempt and if the remaining 2/3 of the amount received as annuity scheme then it is exempt. Whereas, some other articles claim that the entire amount is exempt but none of the articles had mentioned the provision/rule/case law where this was mentioned. So how is Superannuation taxed on withdrawal on retirement and is there any official document supporting the claim?
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