We are an unlisted Public Limited Company (Family run business), where Directors are also Trustees of Income Tax recognised Exempt Gratuity Trust Fund. Monthly contributions go to LIC and on retirement, we claim money from LIC and disburse thru' company set ups at Assam Gardens as well as directly to employees. Should we declare Gratuity Trust Fund as related party? If so, what is the underlying rules/section?
CAclubindia
