Treatment of Superannuation Contribution

[SABYASACHI SENGUPTA]

With the withdrawl of FBT and announcement of the new Perq valuation rules, how will Superannuation Contribution by Employer be treated ?

[Rama Krishana]

Perquisite Includes: (vii) the amount of any contribution to an approved superannuation fund by the employer in respect of the assessee, to the extent it exceeds one lakh rupees; and

AI Summary

Employer Contributions to Superannuation Funds Exceeding One Lakh Rupees Classified as Perquisites Under New Valuation Rules A discussion was initiated regarding the treatment of employer contributions to superannuation funds following the withdrawal of Fringe Benefit Tax (FBT) and the introduction of new perquisite valuation rules. The query sought clarification on how these contributions would be treated under the new rules. The response indicated that employer contributions to an approved superannuation fund are considered a perquisite if they exceed one lakh rupees for the assessee.