Employee Gratuity Trust related
14 November 2019
Please let me know, If existing Employee Gratuity Trust, if not having 2 trustees in between. what will be exact consequence as per income tax.
Case is, while carting the trust employer appointed 2 trustees. But, in between 1 Trustee left and after few month new trustee appointed.
Please let me know the consequence
Satheesh kumar P
30 May 2020
There is a requirement of at least minimum two trustees as per act. I think it should not cause any issue if one trustee is left and another is appointed in place as long as these is no long duration in between. The AO can be explained the circumstances of the case to consider based on merits of case to case basis.