Gratuity to LIC
This query is : Resolved
12 October 2019
companies is paying premium to LIC for gratuity liability covering whether on part payment to LIC is covering for full liability of gratuity
12 October 2019
The payment to be made to Gratuity fund must equal to actuarial valuation. The companies are making provision of gratuity as per actuarial valuation in books. If company is paid less than the provision , the difference between provision and actual will be disallowed in Memo while preparing Income Tax return by auditors.
The companies should have balance in Gratuity fund as per the liability worked out by actuarial valuation. If the companies are paying partial amount, then it is the decision of management of the company .
The companies should have balance in Gratuity fund as per the liability worked out by actuarial valuation. If the companies are paying partial amount, then it is the decision of management of the company .
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