We provide consultancy and support service to companies in following matters:-

1.    Consultancy for Formation of a New Approved Irrevocable Gratuity Trust,
2.    Consultancy for Gratuity Trust Deed, Trust Rules, Applications required for Approval of Trust,
3.    Consultancy for Approvals of Trust in terms of Part C of Schedule IV from Income Tax Department in following cases :- 

a.    Approvals for New Gratuity Trust or Group Gratuity Scheme
b.    Approvals for Change in Trust Deed
c.    Approvals for Change in Trust Rules
d.    Approvals for Change in Object of Trust
e.    Approvals for Change in Trustees
f.    Approvals for winding up of Trust due to winding up of the Company  
g.    Approvals for amalgamation with another fund due to merger/acquisition of the Companies

4.    Consultancy for Investment of Trust Money in Group Gratuity Schemes of Insurers.

a.    Traditional Group Gratuity Schemes of LIC
b.    Unit Linked Gratuity Schemes of Insurance Companies

5.    Consultancy for Investment of Trust Money as per Income Tax Rules 1962..
6.    Consultancy for Litigation Issues related to Payment of Gratuity,
7.    Support Services for Actuarial Valuations required by Companies under Gratuity plan in compliance of AS 15 (Rev. 2005), IndAS 19, IAS 19-IFRS & USGAAP
8.    Support Services for Fair Value Valuations of Trust funds of Companies in compliance of IndAS-113, IndAS-36, IndAS-103, IndAS-109 IndAS-28, IndAS-38, IndAS-102 & IndAS-16.

Since annual financial statements such as Balance Sheet and Profit/ Loss Statement of your clients are at hand for the close of the financial year as on 31.03.2020, the services we deal in will be needed by many of your clients and we will be happy to provide our services if needed. In case of any clarification, you may contact me at 9211637063 or email me your queries at tikaramchaudhary @ gmail.com
 

Karnataka Government becomes the 3RD State to notify the requirement of Compulsory Gratuity Insurance for fulfillment of provisions of following :-

1. Sub-Section (2) & (4) of Section 4A of The Payment of Gratuity Act, 1972,

2. Subsection (5) of Section 2 Income Tax Act 1961,

3. Part C of Fourth Schedule of Income Tax Act, 1961

4. Rule 98-111 of Income Tax Rule, 1962

5. Chapter II of Indian Trust Act, 1882

6. AS 15 (Revised 2005) & IndAS 19

7. Insurance Act, 1938

The Government of Karnataka has notified above notification to ensure that there will be no default in terms of Payment of Gratuity to Private Sector employees even in case of Bankruptcy of Company as this notification specified that “Employer shall at all times maintain the gratuity trust and gratuity fund, as an Irrevocable System”

The gazetted notification is attached herewith for your kind perusal.

The Karnataka Government has notified the above Rules called “Karnataka Compulsory Gratuity Insurance Rules, 2024 (hereinafter referred as KCGIR, 2024)” on 10th January 2024. The last date for completion of compliance of KCGIR, 2024 is 09.03.2024 (i.e. 60 Days after date of notification).

Our firm GTFC - Gratuity Trust Fund Consultant has provided the end to end Consultation Services to more than 1000 Indian and Multinational Companies spread in PAN India in all Sectors of Indian Economy for Formation of Approved Gratuity Fund under Irrevocable Trust and mandatory requirements for employers to obtain insurance for the payment of gratuity to eligible employees and ensure compliance with the provisions of the Payment of Gratuity Act, 1972.

Our Consultation Services covers all the aspects (i.e. Legal, Actuarial, Insurance, Investment and Accounting) of getting the Valid Insurance within the stipulated timeline for implementation of Karnataka Compulsory Gratuity Insurance Rules, 2024. Our consultation covers:-

1. Consultation for Assessment for Applicability of KCGIR, 2024 on the establishment,

 2. Consultation for Actuarial Valuation for Assessment of Gratuity Liability as per AS 15 (Revised 2005)/IndAS 19 for Initial Contribution and Annual Compliance in Balance Sheet,

3. Consultation for Formation Approved Gratuity Fund under Irrevocable system as prescribed in the KCGIR, 2024,

4. Liaison with the Leading Insurance Companies for getting the Valid Insurance like :-

a. Life Insurance Corporation of India (LIC)

b. SBI Life Insurance Company Limited

c. Pramerica Life Insurance Limited 

d. Bajaj Allianz Life Insurance Co. Ltd

e. ICICI Prudential Life Insurance Company Limited

5. Consultation for Registration of Gratuity Trust in sub-registrar office and thereafter Registration of Establishment in Form I or FORM II as prescribed in KCGIR, 2024,

6. Consultation for Vetting Deed of Variations for Change in no of Trustee required by companies with Existing Approved Gratuity Fund under Irrevocable Trusts,

7. Consultation for Vetting of Application prescribed u/s Rule 109 of Income Tax Rule 1962 & Documents to obtain the CIT Approval as per provisions of Part C of Fourth Schedule of Income Tax Act, 1961,

For more details in the matter or any requirement for formation of the Gratuity Trust, you may connect us at tikaramchaudhary @ gratuitytrustfund.com