09-28-2015, 06:01 PM
can anybody please clear me these points:
- no gratuity is payable during the period an employer has established a provident fund in his establishment with equal contribution by the employer and workman, and both these contribution being payable to the workman even if he dismissed from service due to any reason including misconduct.] [Same for Approved pension fund with employer share more than 50%
- if there is a repugnance between any rule of an approved gratuity fund and any provision of part III of Sixth Schedule of the Income Tax Ordinance, 2001, the said rule shall, to the extent of repugnance, be of no effect and the Commissioner of Income Tax, at any time require that, such repugnance shall be removed from the rules of the fund.
-In case of outstanding balance of an eligible employee who is retired, does the company / fund has to show the balance payable to him in current liability under outgoing members?
- In case of unfunded gratuity. Is the liability to existing employees has to be shown as deferred liability in the financial statements of the company?
Please clear me with the above points and the relation of ITO with the retirement benefits
Thanks & Regards
- no gratuity is payable during the period an employer has established a provident fund in his establishment with equal contribution by the employer and workman, and both these contribution being payable to the workman even if he dismissed from service due to any reason including misconduct.] [Same for Approved pension fund with employer share more than 50%
- if there is a repugnance between any rule of an approved gratuity fund and any provision of part III of Sixth Schedule of the Income Tax Ordinance, 2001, the said rule shall, to the extent of repugnance, be of no effect and the Commissioner of Income Tax, at any time require that, such repugnance shall be removed from the rules of the fund.
-In case of outstanding balance of an eligible employee who is retired, does the company / fund has to show the balance payable to him in current liability under outgoing members?
- In case of unfunded gratuity. Is the liability to existing employees has to be shown as deferred liability in the financial statements of the company?
Please clear me with the above points and the relation of ITO with the retirement benefits
Thanks & Regards
