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Amendments in the Trust Deed and Rules/ Deed of variation

Brief Overview

Many a times due to changes in the original clauses of the trust deed we need to do the amendment in the trust deed and trust rules. Further income tax approval is compulsory for each amendment made in the trust deed and rules.

REASON FOR CHANGES IN THE TRUST DEED AND RULES

  • Changes in the trustee
  • Change of the address
  • Change in retirement age
  • Changes in the gratuity calculation over and above the minimum amount prescribed as per the payment of gratuity act
  • Changes in the terms of the trust deed
  • Change in insurance company

OUR SCOPE OF WORK

  • Preparation of the deed of variation
  • Passing the necessary resolutions for the change
  • Preparation of the documentation for the submission to income tax authorities
  • Application with the principal commissioner of income tax for the approval of the deed of variation
  • Appearing before the income tax authorities for the approval of the amendments
  • Continuous follow up till the approval letter for deed of variation is received from the income tax

DOCUMENTS REQUIRED

  • Original trust deed and all subsequent deed of variation
  • Income tax approval for the original trust deed and subsequent deed of variation
  • Other supporting documents

WHY EASY ACCOUNTING

  • Approximately 42,000 employees in the trust advised by us
  • Trusted by more than 100 trusts across India
  • Faster turnaround time for income tax approval
  • One stop solution for the entire process
  • Hassel free experience in the complex process
  • 5+ Years of group gratuity centric experience

TIMELINES

  • Approval letter from the income tax is normally received in 4-6 months

KEY CLIENTELE

  • An American multinational shipping & receiving and supply chain management company
  • Listed Aerospace and defense company
  • Listed subsidiary of the Indian conglomerate providing Satellite Communication Service Provider
  • Listed Multinational Multi-technology automotive components supplier
  • Leading Trade Credit Insurance Adviser
  • One of the biggest listed Rural non-banking financial Company
  • Manufacturer of high-quality reactive dyes
  • Leading logistics service provider
  • Leading American Multi-national construction company with presence in 20 countries
  • World’s leading synthetic rubber company
  • India’s most recognized stationery brand

FAQs

Yes, it is mandatory to take the approval from the commissioner of income tax for each deed of variation, in order to get the deduction of expenses under section 36 (1)(v) of the Income Tax Act, 1961.