Group Gratuity Scheme
This query is : Resolved
21 February 2009
Plz. explain wht is group gratuiry scheme..... and wht are the provisions as per i.t. act in case of employer & emplyee
22 February 2009
1.Group Gratuity Scheme is when employer decides to discharge his liablity of paying gratuity to a third party e.g LIC and other insurance companies.
2.Contribution made to such scheme is allowed as deduction u/s 36(1)(iv).
3.Regd employees, it is governed by sec.10(10) of the Act.
2.Contribution made to such scheme is allowed as deduction u/s 36(1)(iv).
3.Regd employees, it is governed by sec.10(10) of the Act.
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