Gratuity Fund under rule 2(1) of part 'c' of 4th sch.

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CMA. Subhash Kumar Jha (Querist)
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10 November 2008 Sir,
our Gratuity Fund under rule 2(1) of part 'c' of 4th schedule of IT Act is approved one. What is the requirement of filing annual returns of this trust. this trust is wholly owned vy a pvt ltd co. whose income are regularly assessed. like our co. ABC pvt ltd & its gratuity trust is ABC Employees gratuity trust. so the IT regulation of accounts & returns of this trust?
Kindly reply urgently
Subhash

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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10 November 2008 How can a trust be owned by a company? Please let us have the constitution clearly specified.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Querist)
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11 November 2008 Not exactly owned by company.
Its a trust whose trustees are employees of a pvt ltd company & this trust is looking after the gratuity fund for the employees of this pvt ltd company only. This fund is being managed by a pvt fund manager (ICICI)& the fund is approved under income tax act.

i hope i am clear to you.

kindly reply ASAP.

Thanks

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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11 November 2008 The trust, has to maintain accounts it should be audited and file incometax return annually.

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