Gratuity is a liability for the company which needs to be paid to an employee if he/she has served more than 5 continuous years. In the event of death or disablement, entire amount i.e. Rs 20 Lakhs is payable towards the nominee of the employee irrespective of the tenure of service.
Some companies want to plan this liability in advance and they want to build a trust which can pay off the Gratuity liabilities at a later point.
Moreover any contribution to Approved Gratuity Fund is an allowable deduction under Income Tax Act.
Our firm specializes in Gratuity Trust Registration.
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