The employer meets the entire cost to secure the benefits by making initial contribution and annual contribution in respect of each member over the future years of his service. One special feature of the Scheme is the provision of substantial life cover which when payable on the death of the employee will be larger than that would have been payable as per conventional Gratuity Scheme.ĥ. The Scheme envisages provision of Gratuity benefits payable to the employees on their retirement from service or in the event of earlier death or leaving service. We have also taken care to see that the provision in the main confirm to the limitations laid down by you for a Gratuity Scheme to qualify for approval under Part “C” referred to above and the Income Tax Rules, 1962.Ĥ. You will observe that the Trust Deed and the Rules have been based on the Standard pattern prepared by the Corporation, provisions of which as we understand, have been approved by you or the Central Board of Revenue for one Scheme of the other. The Scheme has been finished in collaboration with Life Insurance Corporation of India.ģ. We send herewith a certified copy of the Trust Deed and Two copies of the Rules that regulate the working of the Scheme. is executed by the Company/Firm and the Trustees appointed for the purpose of administration and the scheme is effective from. We make this application in terms of sub-rule (1) of Rules 4 of Part “C” of the Fourth Schedule to the Income Tax Act, 1961, seeking approval of the Group Gratuity Scheme established under an irrevocable Trust for making provision of Gratuity benefits to the employees of M/s XYZ Ltd.Ģ. Subject : Gratuity Scheme to be approved under Part “C” of the Fourth Schedule to Income Tax Act, 1961 The Chief Commissioner/ Principal Commissioner of Income Tax Specimen of Application for approval of a gratuity fund Text of Rule 4(1) of Part C of the Fourth Schedule of Income Tax Act, 1961Ĥ.(l) An application for approval of a gratuity fund shall be made in writing by the trustees of the fund to the Assessing Officer by whom the employer is assessable and shall be accompanied by a copy of the instrument under which the fund is established and by two copies of the rules and, where the fund has been in existence during any year or years prior to the financial year in which the application for approval is made, also two copies of the accounts of the fund relating to such prior year or years (not being more than three years immediately preceding the year in which the said application is made) for which such accounts have been made up, but the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may require such further information to be supplied as he thinks proper. We/I, the trustee(s) of the above named fund, do declare that what is stated in the above application is true to the best of our/my information and belief, and that the documents sent herewith are the originals or true copies thereof.
#REQUEST LETTER FORMAT FOR GRATUITY RULES IN PAKISTAN VERIFICATION#
(2) A verification in the following form shall be annexed to the application :. If the fund is already in existence, the details of investment of the fund. Place where the accounts of the fund are or will be maintained.
Name of employer and address, his business, profession, etc., also his principal place of business.Ĭlasses and number of employees entitled to admission to the fund. Text of Rule 119 of Income Tax Rules, 1962ġ09.(1) The application for approval of a gratuity fund under sub-rule (1) of rule 4 of Part C of the Fourth Schedule shall contain the following information :- ( a) The application for approval of a gratuity fund is governed under sub-rule (1) of rule 4 of Part C of the Fourth Schedule of Income Tax Act, 1961. In order to get the approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, an application needs to be made under Rule 109, including prescribed particulars regarding the employer, nature of business of the employer, employees eligible to participate in the fund and verified in the prescribed manner. Section 2(5) of the Income Tax Act, 1961 defines an ‘approved gratuity fund’ as ‘a gratuity fund which has been and continues to be approved by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in accordance with the rules contained in Part C of the Fourth Schedule’.
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