Changes in Gratuity Trust Deed

In this article, we will discuss about how the change in Trust Deed could be done and type of changes in Trust Deed. All about Deed of Variation

• Variation or changes or amendments to be made in original Trust Deed is specified in Deed of Variation
• For every change there needs to be a separate Deed of Variation
• While getting approval of Income Tax Department, if they tell to do some changes or some changes in rules came out then Deed of Variation has to be made.

Type of changes in Trust Deed

• If the employer wish to appoint one more trustee after making of the Gratuity Trust Deed, then in that case Deed of Variation
• Change like change of address of the company is also specified in the Deed of Variation
• Change in Gratuity Rules
• Change in retirement age
• Changes in terms of the trust deed
• Change in Insurance Company

Income Tax Intimation

• All the changes need to be intimated to Income Tax Department through Deed of Variation and approval need to be taken from Income Tax for each Deed of Variation.

Approval of Deed of Variation

• Deed of Variation need to be approved by Income Tax Department.
• If there is any correction to be made in Deed of Variation, Income Tax Department specify about it.
• Approval of Deed of Variation takes 4-6 months time. Replies are given to the questioner issued by the Income Tax Department.

  But no worries, Easy Accounting will make Deed of Variation for the client and will even get approval from Income Tax Department.   For any further information, kindly get in touch with the below mentioned details:-
Contact :-  9920295099/8779413746
Email :- info@easyaccounting.co.in
Easy Accounting and Outsourcing Pvt Ltd.
307/310, 3^rd Floor, D Wing , Shiv Ashish Building , Plot No. 66, S.V. Road , Andheri (W), Mumbai- 400058