13 January 2010
Plz help me in knowing the procedure & formalities to start gratuity trust.Like all forms, approvals, LIC agreements, bank formalities. & procedure for transfering the gratuity of employees from 1 entity to other in case of transfering employees from 1 co. to other. plz its very urgent.
14 January 2010
First of all the company and or the institution which ought to start the gratutity trust should get sanctioned the floating of such trust at its Board meeting and get sanctioned the purpose and other formalitities and the act which would be followed and or governed under which acts rules and regulations etc.
Secondly the approval as to the oepning and or operating of the bank accounts and other formalitites need to be approved at the board meeting.
The trust needs to be registered under section 25 of the companies act 1956 and governed under the provisions of the charity commissioner under whom the trust is regiostered and the provisions as to the investments and other regulations are as those mentioned in the Gratuity act 1973.
Thereafter once the trust is floated the investments to be made and other regulations as to the pattern of the investments are governed by the provisions as contained in the Gratuity act 1972. Similarly even Income tax provisions which are relevent to the provisions of the trust are applicable.
TAN PAN and other rgistrations needs to be completed and necessery returns need to be filed with the charity commissioner within the ime limit specified.
Any other formalities and or other provisions as applicable are to be followed thereby.
Accounts of the trust are also to be got audited everyyear.
Please go thru the provisions of the Gratuity Act 1972
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