Hi Guys,
I would like to know if it is a better option to transfer my present gratuity funds from LIC to a private company like Allianz bajaj.IS IT BETTER or should I continue with a government body.Plz let me know ur views on this.A private company provides better service,rate of return etc.
thanx
jingles
From India, Pune
2I would like to know if it is a better option to transfer my present gratuity funds from LIC to a private company like Allianz bajaj.IS IT BETTER or should I continue with a government body.Plz let me know ur views on this.A private company provides better service,rate of return etc.
thanx
jingles
From India, Pune
HI
You please first check with the private insurance company, whether they are recognised by I Tax authorities to operate such funds.
Under Payment of Gratuity Act, as per section 4A of the act, the funds are required to be invested with Life Insurance Corporation of India, established under Life Insurance Corporation of India Act,1956.
Benefit of Income Tax will only be available to an employer , if, the gratuity fund is invested with LIC.
Superannuation being non statutory fund in nature is still regulated for allowing expenditure made by an employer during the accounting year, by the I Tax authorities.
So if the private company is authorised under the act only then it is advisible other wise employer will not get the benefits of investment made towards the funds during the accounting year.
LIC services has improved a lot and they are more cooperative and open now. We need to generate awareness. Return on investment is also regulated affair now a days. So please check the above before proceeding.
Anil Anand
From India, New Delhi
You please first check with the private insurance company, whether they are recognised by I Tax authorities to operate such funds.
Under Payment of Gratuity Act, as per section 4A of the act, the funds are required to be invested with Life Insurance Corporation of India, established under Life Insurance Corporation of India Act,1956.
Benefit of Income Tax will only be available to an employer , if, the gratuity fund is invested with LIC.
Superannuation being non statutory fund in nature is still regulated for allowing expenditure made by an employer during the accounting year, by the I Tax authorities.
So if the private company is authorised under the act only then it is advisible other wise employer will not get the benefits of investment made towards the funds during the accounting year.
LIC services has improved a lot and they are more cooperative and open now. We need to generate awareness. Return on investment is also regulated affair now a days. So please check the above before proceeding.
Anil Anand
From India, New Delhi
Dear Sir,
I have applied for full & final settlement of Superannuation fund on 30.06.10 with Century Cement. But to my utter surprise my claim is rejected by company on 29.7.10 that as per rules of superannuation fund the member should have to complete minimum 5 years of service with organization. I was covered under the superannuation scheme from 1.12.2006 to 28.8.2008 at the age of 54 years and resigned due to illness on 28.8.2008 after completion of 56 years of age. Between these periods I have received a yearly statement of contribution also.
I am not working with any organization. Now company is telling that I am not eligible.
The company might have taken advantage of this and claimed Income Tax rebate from IT dept on the contributions towards the Superannuation fund amount deposited on my name.
So if company cannot pay this amount to me then how company can get the benefit of tax rebate on the funds deposited.
Kindly advice ASAP.
It would be great to receive replies also on my email –
Regards,
Kailash Jha
From India, Delhi
I have applied for full & final settlement of Superannuation fund on 30.06.10 with Century Cement. But to my utter surprise my claim is rejected by company on 29.7.10 that as per rules of superannuation fund the member should have to complete minimum 5 years of service with organization. I was covered under the superannuation scheme from 1.12.2006 to 28.8.2008 at the age of 54 years and resigned due to illness on 28.8.2008 after completion of 56 years of age. Between these periods I have received a yearly statement of contribution also.
I am not working with any organization. Now company is telling that I am not eligible.
The company might have taken advantage of this and claimed Income Tax rebate from IT dept on the contributions towards the Superannuation fund amount deposited on my name.
So if company cannot pay this amount to me then how company can get the benefit of tax rebate on the funds deposited.
Kindly advice ASAP.
It would be great to receive replies also on my email –
Regards,
Kailash Jha
From India, Delhi
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