Case Law Details
Case Name : ACIT Vs. Glaxo Smithkline Pharmaceuticals (ITAT Mumbai)
Related Assessment Year : 2004- 2005
Courts :
All ITAT ITAT Mumbai
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Contributions to a superannuation fund, not being in the nature of initial or ordinary annual contribution is an allowable deduction
Facts
• During the assessment year 2004-05, the taxpayer claimed a deduction for payments to the superannuation scheme in excess of the prescribed limits.
• The superannuation fund of the taxpayer, duly approved was a „defined benefit scheme? and the taxpayer made ordinary annual contribution equal to 27% of salary, less the amount of its contribution to provident fund.
• As a consequence of falling interest rates, the Life Insurance Corporation of India ...
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Dear Sirs,
Can the company pay more than 27% for PF+Pension fund and restrict claim of tax benefit to 27%? or it is prohibited from exceeding 27% as a cap imposed by incometax act