Super Annuation Fund TDS is the amount of tax getting deducted from the Employee by the person paying (Trustees of SAF).
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Trustees of a super-annuation fund
Contributions by employer and interest thereon.
To the extent such contributions and interest thereon is exempt under section 10(13) to be excluded.
At the time of payment of the sum
Average of ART of the employee for the immediately preceding 3 years, or such lesser period during which he was a member.
How the Superannuation Fund Scheme works?
Superannuation Fund (SAF) refers to a fund to which the employer alone contributes. However, the employee is also permitted to make contributions voluntarily.
Established with sole purpose of,
providing annuities for employees in the trade or undertaking on their retirement at, or
after a specified age, or
on their becoming incapacitated prior to such retirement, or
for the widows, children or
dependents of persons who are or have been such employees on death of those persons.
SAF, if approved by the Chief Commissioner of Income-tax or Commissioner of Income-tax, will be known as "Approved Superannuation Fund" (ASAF).
The employee has the option to transfer his Superannuation Fund to the current employer from previous employer.
If the current employer does not have a Super Annuation fund scheme, then the employee shall withdraw the amount.
What is not started today is never finished tomorrow. Johann Wolfgang von Goethe