Gratuity Scheme approval
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 February 2011
What is the reasonable time to approve the Gratuity Scheme with LIC from CIT. Contribution are made to LIC to get deduction u/s 36 of IT act Grauity Scheme should be approved
12 February 2011
In my view, what an employer is required from the CIT is not the Approval of Gratuity Schemes. In spite of this it would be correct to say that the employer has to get approval for the Establishment of a Gratuity Fund.
*
When approval is accorded to the employer by the CIT it becomes an Approved Gratuity Fund.
*
AGF's money can be invested under various schemes which have been prescribed under Rule 101 and /or Rule 67(2) which includes schemes promoted by LIC also.
*
For the application of Approval the employer should immediately apply so that contribution made by him would qualify as deductible expenditure.
*
When approval is accorded to the employer by the CIT it becomes an Approved Gratuity Fund.
*
AGF's money can be invested under various schemes which have been prescribed under Rule 101 and /or Rule 67(2) which includes schemes promoted by LIC also.
*
For the application of Approval the employer should immediately apply so that contribution made by him would qualify as deductible expenditure.
12 February 2011
Please follow the link for further information
https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2001ITAct/Rules2001/mg089.htm
https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2001ITAct/Rules2001/mg089.htm
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Relief u/s Section 89
- GST ON DAMAGED GOODS
- Tax liability on income of freelancer
- Agriculture income or business income
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
