31 May 2015
my query is about that there is one Co op society who every year transfer gratuity amt to one link up account with LIC but payment for the same is not made yet so is it deductible expense under income tax ?????
please give your suggestions on it as early as possible
31 May 2015
Make payment to LIC so that it is a deductible expense under income tax. LIC will take care of your gratuity payments. The rate of interest offered by LIC on gratuity fundings is attractive.
31 May 2015
Yes payment is made to LIC every year but LIC yet not paid to employee as it is paid on retirement so still it is deductible under income tax ????
CAclubindia
