Employeees group gratuity trust

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 Dear Experts,

we are a pvt ltd company. and the Gratuity Act is applicable to us.

Please advise how to compile the gratuity Act ?

Regards,

Vijay

@VaibhavJ

@VaibhavJ (Expert)

27 September 2014 How old is your company & what is employee strength?

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 It is 4 years old and employees strength are 50 employees.

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 It is 4 years old and employees strength are 50 employees.

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 It is 4 years old and employees strength are 50 employees.

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2014 Please advise asap.

Vijay Jain

@VaibhavJ

@VaibhavJ (Expert)

29 September 2014 Hi

Pl refer :

https://www.india-briefing.com/news/applicability-calculation-gratuity-india-6435.html/

https://taxguru.in/income-tax/all-about-payment-of-payment-of-gratuity-act-1972-in-brief-including-the-recent-amendments.html

Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2014 Thanks sir.

But what will be procedure to compile the Gratuity Act.i.e. we need to open trust or directly can pay to LIC Gratuity scheme.

Please advise.
Vijay

@VaibhavJ

@VaibhavJ (Expert)

29 September 2014 Hi

You can open Trust with LIC, but considering your employee strength i think it is not needed since you can very well manage gratuity outflow once employee resigns after completing gratuity term.

Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2014 Thanks a lot.

Vijay

@VaibhavJ

@VaibhavJ (Expert)

29 September 2014 Also i suggest to do acturial vaulation to know your current liability.

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