I had received my superannuation amount cheque along with LIC letter. In the letter, there is an amount mentioned under amount payable to nominee.
My commutative amount was calculated as 50 % of the above mentioned amount. So finally i received the amount after deducting 30% tax on te comutative amount.
For eg - Amount payable to nominee = Rs 10000
Commutation amount = 50% of 10000 = Rs 5000
Amount I received after tax = 3500 (5000 - (5000 * 30%))
My question is regarding the amount payable to nominee, is this the total amount credited to my superannuation account from my joining date to the last day in office? If it is so the amount is calcualted incorrectly in my letter.
I have been talking to my HR to clarify this and get the correct amount, but havent got it resolved yet.
Please clear it for me
From United States, Hayward
My commutative amount was calculated as 50 % of the above mentioned amount. So finally i received the amount after deducting 30% tax on te comutative amount.
For eg - Amount payable to nominee = Rs 10000
Commutation amount = 50% of 10000 = Rs 5000
Amount I received after tax = 3500 (5000 - (5000 * 30%))
My question is regarding the amount payable to nominee, is this the total amount credited to my superannuation account from my joining date to the last day in office? If it is so the amount is calcualted incorrectly in my letter.
I have been talking to my HR to clarify this and get the correct amount, but havent got it resolved yet.
Please clear it for me
From United States, Hayward
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Retirement on Superannuation - when - Court judgment.doc