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gratuity provision

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(Querist)
12 June 2008 i want to ask that as regards to gratuity provision,whether that fund has to bemanaged and if not managed through approved organisation etc..then whether any penalty is payable? what are the relevant provisions for the same??
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
05 October 2008 If the fund is not managed by approved trust, tax exemption on income earned by fund is not available. Further, contribution to the fund is not an allowable expenditure.
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