Gratuity Services | Self-Administered

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Gratuity

Our services include gratuity database management, gratuity calculations, gratuity software, gratuity claims, gratuity record-keeping, e-TDS for gratuity, gratuity actuarial valuation data support, Insurance company handling for gratuity.

We also provide a few additional services to our esteemed clients, including:

Coordinating with LIC for premium details to be paid by the company

Coordinating with LIC for annual statements

Periodic SSAE 16 – Type II reports (Inclusive of BCP and DR plans)

GRATUITY TRUST – SELF ADMINISTERED – SCOPE OF WORK

Administration

Database management

Processing Settlement/Transfer application

Employee query management through Email, and voice support

Liasoning with government authorities

Gratuity Management automation to establish control and visibility of the process

Online portal access to employee and employer to view balance and application status

All types of applications to be submitted by the employee through an online portal

Data exchange facility with access control

Audits

Accounting

Accounting of transactions

Maintenance of standard voucher/receipt

Updating bank books daily.

Monthly BRS, Final accounts – trial balance, balance sheet, P&L, and schedules

Coordination audits

Data to be provided for actuarial valuation as and when required

Recordkeeping

Maintaining backup documents until the audit

Coordinating banking in reference to trust accounts

Taxation

Deducting TDS as per statute

Generation of Form 16 and Form 24Q per statute for the applicable quarter/year (excludes forms/returns preparation beyond 3 months post statutory date)

Regulatory Compliance

Preparation and filing of statutory returns with IT

Attending assessments / preparing correspondence with IT

Coordinating trustee meetings and recording minutes

Investments – Back Office

Data management

Tracking of interest due on investments / redemptions and follow-up for the same in case of delays

Submit income tax recognition certificates to the issuers for avoidance of tax on interest

Reconciliation of the portfolio with SGL / Demat / Custodian statement on a periodical basis

Execution of investment deal after the trustees’ approval

GRATUITY TRUST – LIC ADMINISTERED – SCOPE OF WORK

Administration

Database management

Processing settlement/transfers application

Employee query management through Email, and voice support

Liasoning with government authorities

All types of application to be submitted by employee through online portal

Online portal access to employee and employer to view balance and application status

Audits

Data exchange facility with access control

Recordkeeping

Maintaining the books of accounts and getting the audit done

Online portal access to employee and employer to view balance and application status

All types of application to be submitted by employee through online portal

Data to be provided for actuarial valuation as and when required

Other Services

Coordinate with LIC for premium details to be paid by the company

Coordinate with LIC for annual statement

Periodic SSAE 16 – Type II report (Inclusive of BCP and DR plans)