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Services : Gratuity

GRATUITY TRUST – SELF ADMINISTERED – SCOPE OF WORK

  • Administration
    • Database management
    • Processing settlement/transfers application
    • Employee query management through Email, and voice support
    • Gratuity Management automation to establish control and visibility of the process
    • Online portal access to employee and employer to view balance and application status
    • Liasoning with government authorities
    • All types of application to be submitted by employee through online portal
    • Data exchange facility with access control
    • Audits
  • Accounting
    • Accounting of transactions
    • Maintenance of standard voucher/receipt
    • Updating Bank book on a daily basis.
    • Monthly BRS
    • Final Accounts – Trial Balance, Balance sheet, P&L and Schedules
    • Coordinating audits
    • Data to be provided for actuarial valuation as and when required
  • Recordkeeping
    • Maintaining back-up documents until 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
    • Online portal access to employee and employer to view balance and application status
    • Liasoning with government authorities
    • All types of application to be submitted by employee through online portal
    • Data exchange facility with access control
    • Audits
  • Record Keeping
    • 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)