TYASuite - Cloud ERP Solutions

  Indian Business has to comply with gratuity regulations. On the top of   payment of  Gratuity Act ,  1972, there are specific regulations enforced at state level in India.  Example, certain states mandates creation of gratuity trust or subscribing to recognized gratuity trust fund plan. Now let us look at various accounting and compliances aspects of the gratuity trust in India. A. Formation of Gratuity Trust Gratuity  trust must be set up as an irrevocable trust Gratuity  trust must be set up for providing gratuity benefits to the employees trust to act as a separate legal entity. Employer can appoint trustees for monitoring and administration of the fund The trust must get an approval from under the Income Tax Act, 1961 to be recognized as approved gratuity trust. Trustees can chose to manage the fund as per by laws of the trust. Common practice is to enter into a master policy with the insurance company to provide death-cum-retirement benefits to ...

Accounting was one of the first business processes to undergo mass-scale digitalization around the world, with accounting software slowly replacing manual accounting and bookkeeping across the globe as the digital revolution began and the results of IT became felt at all levels of industry. Accounting software giants such as Tally or QuickBooks became synonymous with businesses across industries, sizes and locations, as more and more functionalities and features kept being invented and added to the digital accounting process. ERP (Enterprise Resource Planning) software on the other hand, is a relatively newer development in the IT world, and it encompasses a much broader scope of action than accounting software. Though it is a newer model of digital business processing, it is also a much faster growing one, projected to reach a global worth of USD 47 Billion by 2022. This growth is very simple to justify, due to the immense number of advantages ERP software has as compared to an ...