Are We required to open Gratuity fund & Get it approved from CIT incase we have taken insurance against gratuity liability from LIC. ?
Gratuity v/s Approved fund
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Are We required to open Gratuity fund & Get it approved from CIT incase we have taken insurance against gratuity liability from LIC. ?
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The contribution towards LIC gratuity fund by the employer is eligible for deduction as very well laid down in the judgement of the apex court in the case of Commissioner of Income Tax, Coimbatore Versus M/s Textool Co. Ltd. 2009 -TMI - 35070 - SUPREME COURT.
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