The 21[Chief Commissioner or Commission may approve a gratuity fund as a gratuity fund which has been and continues to be approved by the 21[Chief Commissioner or Commission.
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A gratuity fund is a fund that is set up by an employer to provide benefits to employees. The fund may be set up to provide benefits in the event of death, disability, old age or retirement. Gratuity funds are also known as provident funds.
A company can only establish a gratuity fund if it has been approved by the Chief Commissioner or Commission and has been registered with the Registrar of Companies. Penalty for failure to collect tax at source 80g
A gratuity fund is a type of retirement plan that pays out benefits in the form of cash. Unlike traditional retirement plans, which are designed to replace a worker's income during retirement, a gratuity fund is designed to supplement a worker's income during retirement.
In the case of a company, the penalty is 10% of the amount of tax that was not collected. In the case of a person, the penalty is Rs. 10,000 or 5% of the amount of tax that was not collected, whichever is higher. 80g registration is mandatory for funding.
Tax obligation working as a consultant is actually needed for the regulation of tax obligation recommendations as well as solutions through an individual to an additional person, under a setup through which the plan attends to the payment of an expense or various other compensation for that guidance or solution. our firm provides services of 80gga