![]() ![]() Common practice is to enter into a master policy with the insurance company to provide death-cum-retirement benefits to the employees. ![]() ![]() Trustees can chose to manage the fund as per by laws of the trust.The trust must get an approval from under the Income Tax Act, 1961 to be recognized as approved gratuity trust.Employer can appoint trustees for monitoring and administration of the fund.Gratuity trust must be set up for providing gratuity benefits to the employees trust to act as a separate legal entity.Gratuity trust must be set up as an irrevocable trust.Now let us look at various accounting and compliances aspects of the gratuity trust in India. Example, certain states mandates creation of gratuity trust or subscribing to recognized gratuity trust fund plan. On the top of payment of Gratuity Act, 1972, there are specific regulations enforced at state level in India. Indian Business has to comply with gratuity regulations. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |