Superannuation fund india meaning
Definition A type of retirement plan set up by a company for the benefit of its employees. These types of plans use funds deposited by the company ( defined benefit plan ) or by the employee ( defined contribution plan ), with the funds growing in value until the employee retires.The returns of the funds may differ as each employer has the option to select the superannuation providing insurance company like LIC or ICICI. In LIC, this superannuation plan is an endowment type of product where returns will be not that much attractive. superannuation fund india meaning
In India, there are two types of superannuation benefits: Defined Benefit Plans: This type of group superannuation scheme have a defined benefit which is fixed and known to the employees based on their service, rank and final salary.
What is Superannuation fund benefit in India? The word superannuation is normally used as a synonym to Retirement. Superannuation benefit is a Retirement benefit provided by the employer to their employees. In simple terms Superannuation benefit is the pension plan bought by Jan 03, 2019 Hi! Here is some information on Superannuation Fund. a) Superannuation Fund is a retirement benefit given to employees by the Company.superannuation fund india meaning A superannuation is an organizational pension program created by a company for the benefit of its employees. It is also referred to as a company pension plan .
Employers contribution to an approved superannuation fund is allowed as expenditure deduction for business under Section 36 (1) (iv), subject to limits set out in Rule 87 and 88 of the Incometax Rules, 1962. Income received by the trustees on behalf of an approved superannuation fund is exempt under Section 10 (25) (III). superannuation fund india meaningRating: 4.55 / Views: 410