Section 2(6) of Income Tax: Approved Superannuation Fund – Meaning

As per S. 2(6) of the Income Tax Act, 1961, unless the context otherwise requires, the term “approved superannuation fund” means a superannuation fund or any part of a superannuation fund which has been and continues to be approved by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in accordance with the rules contained in Part B of the Fourth Schedule.

Deduction for contributions within 80C cap limit and exemption on retirement withdrawals are the main tax benefits from approved superannuation funds.

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