Profile of Our Firm - "Gratuity Trust Fund Consultant (GTFC)"

Our Firm - GTFC is providing End to End Consultation Services to Public Sector, Private Sector and Multinational companies for Forming of a CIT Approved Gratuity Trust as per Part C of The Fourth Schedule of Income Tax Act 1961 and Rules 98 to 111 of Income Tax Rules 1962 to get Tax Benefits under Section 36 (1) (v) of the Income Tax Act 1961, which is not available to when company make provision of Gratuity Liability in the Balance Sheet under “Pay as you go Option” (Refer Section 47A (7) of Income Tax Act 1961). We have 14 years of experience in providing above Consultation Services. The details of our Consultation Services provided us are as under: -

1. Consultation Services for: -

A. Formation of a New Approved Irrevocable Gratuity Trust,

B.  Investment of Trust Money as per Income Tax Rules 1962,

C. Investment of Trust in Group Gratuity Schemes of LIC, SBI Insurance, HDFC Insurance, ICICI Insurance etc.

D.  Vetting of Gratuity Trust related Documents such as Board Resolution, Trust Deed, Trust Rules, Deed of Variations, Application and Appeal for CIT Approval for Gratuity Trust,

E. Approvals of Trust in terms of Part C of Schedule IV from Income Tax Department in following cases: -   

      o  Approvals for New Gratuity Trust or Group Gratuity Scheme

      o  Approvals for Change in Trust Deed

      o  Approvals for Change in Trust Rules

      o  Approvals for Change in Object of Trust

      o  Approvals for Change in Trustees

      o  Approvals for winding up of Trust due to winding up of the Company 

      o  Approvals for amalgamation with another fund due to merger/acquisition of the Companies      

F. Registration of Company as per Subrule (i) of Rule 3 of the Payment of Gratuity Rules 1972 (i.e. Submission of Form – A in Controlling Authority),

G. Maintenance of Form F and related Forms for compliance of The Payment of Gratuity Rules and The Payment of Gratuity Act, 1972,

H. Implementation of Compulsory Gratuity as per provisions of Section 4A of the Payment of Gratuity Act 1972 in company for Registration in Controlling Authority as it is possible when company has taken Compulsory Gratuity Insurance.

I. Actuarial Valuation Services for following Employee Benefits and Long Term Benefit Plans: -

• • Gratuity Plan.
  • End of Service Plan
  • Earned Leave Plan
  • Sick Leave Plan
  • Medical Leave Plan
  • Pension Plan
  • Post-Retirement Medical Benefit Plan
  • Long Service Award Plan
  • Provident Fund Plan Valuation (in case of employer managed trusts)
  • Deferred Bonus/Benefits valuation

Any other like Warranty Cost/Rewards points accumulation etc.

J. SME – IPO’s  

2. Our Team Members and their Responsibilities  

Our following Officials/Professionals/Consulting Firms are involved in execution of the assignment as mentions in 1 above: -

I.  Legal Professionals for handling Legal Issues related to Gratuity Trust. 

II. Taxation Professionals to handle Accounting & Income Tax related Issues of Gratuity Trust. 

III.  Insurance Professionals to handle Investment and Gratuity Insurance related Issues of Gratuity Trust

IV.  Actuarial Valuation Professionals for handling the Actuarial Valuation Reports/Certificates needed by clients in following events: 

(i).  For Initial Assessment of Gratuity Liability by Trustees for taking Investment decision. 

                (ii). For Assessment of Gratuity Liability in following events: -      

                                   a. Transfer of Employees within a Group Companies,

                                   b. Amalgamation of 2 Companies,

                                   c. Demerger of company

                                   d. Winding of Company 

(iii).  For Quarterly, Half Yearly and Annual provision of Gratuity Liability, Current & Non-Current Liability and related disclosure in Balance Sheet as per Actuarial valuations Reports/Certificates in compliances of following Accounting Standards as prescribed in Section 133 & Schedule III of Companies Act, 2013: - 

                                a. For compliance para 120 (l) of AS 15 (Revised 2005) by SME Companies.

                                b. For Full compliance para 120) of AS 15 (Revised 2005) by Non-SME Companies.

                                c. IndAS 19

                                d. IAS 19 (Revised 2011)

                                e. US-GAAP                 

V. Merchant Bankers Professions for getting Assets Value Certification needed by Gratuity Trust where Investment is managed by the Trustees Privately.

VI. Our Office Staff – Ms. Sunita Chaudhary (General Manager), Ms. Laxmi (Manager) and Mr. Rajesh Kumar (AM) 

Our Consultancy Services requires involvement of various Professionals and they have to abide by the various rule’s regulations of the Regulating Authorities. We also undertake assignment for providing Professional Services where Liaison with these Professionals on behalf of our clients after having necessary authorization and approvals for providing our Consultation for Actuarial Valuations and Related Works. Our clientele is spread in all sectors of Indian Economy and the main categories are: - 

• SME Clients
• Schools/Educational Institutes
• Non - SME Clients
• Unlisted Companies
• Companies Listed in Indian Stock Exchange
• Companies Listed in Foreign Stock Exchanges
• Multinational Companies operating in India

In case of any clarifications or requirement of our Services call us at 9211637063 or 9818322186