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Question ID : 44529

Employee Gratuity

A company has taken Emp. Gratuity policy with LIC. For the outgoing employees LIC has remitted the Gratuity to the Trust. However due to Bank account operation issue, they made payment to the outgoing employees from the Company. They have also booked the payment as expense and disallowed the same in the Co. IT return. Now the funds are lying in the Trust. Is there any way out to utilize the Funds with the Trust. Can the Trust remit the money received from the LIC to the Co.

Posted by CA. VASUDEVAN P K on Aug 14, 2023

Filed Under OTHER BODIES

Answer ID : 85234

Trust should return to employee and employee should return it to company

Posted by SURAJ KUMAR CHOUDHARY on Nov 26, 2023