We advise on designing & restructuring employees benefit schemes, management of trust funds, payroll management & arranging valuation of employee benefit.
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Actuarial consultants in India are often requested by their client companies to provide information about reconciliation between opening and closing DBO to acquire better knowledge about what precisely led to the change in DBO.
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Actuarial valuation together with reporting of a pension scheme under the clause IAS 19 exhibits more significant complexity than observed in any other plans for employee benefits in India. Various issues which are frequently overlooked call for a proper understanding and allowance when it comes to reporting for pension schemes.
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Payment of Gratuity Act is applicable if your company has more than 10 employees. Actuarial consultants in India hint at the following two different circumstances where the subject of an actuarial valuation of gratuity becomes imperative.
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Actuarial valuation is by and large intended to incorporate a gauge of risk, yet broadened exposures as an actuarial report. The revelations are diverse for various bookkeeping gauges. With regards to Indian GAAP, there are contrasts between AS 15 and Ind AS 19 to the extent the exposures are concerned. This post clarifies the key contrasts.
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The actuarial valuation in Chennai gives section savvy orderly arrangements, for example, chance administration, actuarial administrations, measurable, and so on. There are numerous organizations giving comparative arrangements both in India and abroad it is critical or a major choice to choose the ones according to your work prerequisites or the one fitting your work task at a mentioned cost or a reasonable one.
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The prime significance of pension plans or retirement plans is that they benefit you doubly with investment and insurance cover.
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The actuarial companies in Pune provide segment wise systematic solutions such as- risk-management, actuarial services, statistical, etc. There are many companies providing similar solutions both in India and overseas it is important or a big decision to select the ones as per your work requirements or the one suiting your work assignment at a requested price or an affordable one.
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The actuarial companies in India or Overseas provide segment wise systematic solutions such as- risk-management, actuarial services, statistical,etc.
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Per year, an amount equal to 8.33% of basic remunerations can be repaid into as a gratuity fund or tax-deductible expense. Actuarial companies Pune and other state follow the same percentage.
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As per actuarial companies in India, this often improves the correctness of actuarial valuation and brings in more stable results. Let's say, companies can agree to different attrition assumptions corresponding to different locations or cost-centers.
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According to experts from leading actuarial companies in India, a meticulously outlined gratuity funding strategy can markedly reduce the tax liability of a company. But it’s not only the tax benefits that are to be thought about while settling on whether to fund a gratuity scheme. There are other factors.
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Taking into consideration the leave schemes that go through a process of valuation, actuarial companies in India resort to sundry methods in evaluating and executing the accounting of leaves according to their prudence and assessment. The methods which these companies put to use diverge in the ways these leaves are categorized, valued and revealed.
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There are actuarial companies spread across the length and breadth of the country. Just like, one can find actuaries and companies dealing with measurement of risks and uncertainties of businesses in the financial capital of the country, Mumbai, similarly, there are Actuarial companies in Bangalore as well. Numerica is one of the very well known actuarial company in Bangalore.
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In the event of retirement or in case of resignation from the job, the actuarial valuation of leave encashment and the applicable tax exemption criteria are described below.
The dole of leave encashment is sanctioned to a government employee. This amount, although falls under the Income Tax Act, yet it’s fully exempted from tax liability under section 10 (10AA) (i).
By the same token, the non-government employees are also eligible for this benefit. Here also, the amount is tax deductible and either partially or fully free from deduction based on specific cases as per section 10 (10AA) (ii).
In the case of a non-government employee, at the time of retirement, leave encashment calculation of the accumulated leaves will be contingent on the following stipulations.
A cash payout equivalent to the number of not availed leaves based on a maximum one month leave period every year during the time the service is rendered.
A fixed amount designated by the Government equal to 10 times the average monthly salary.
The exact amount of leave encashment actually received after retirement.
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Charan Gupta Consultants Pvt. Ltd offers a range of actuarial services to its clients or customers. It helps companies with solutions to more than one queries pertaining to employee benefits. The solutions offered by the Charan Gupta Consultants Pvt. Ltd are trustworthy and reliable. The business offers its customers with evaluation of employee gratuities, deal with leave encashment liability, evaluation of post- retirement benefits, medical benefits and evaluation of employee pensions. While making different actuarial calculations the business makes certain assumptions. These assumptions can be broadly classified under two components a) Financial b) Demographic.
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There are laws and regulations having relevance to employee benefits in India that need to be carefully studied and adhered to. It’s key that you as an employee of an establishment pay attention to the different labor laws, your rights and claims thereof.
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If your business has one or more employees, you should have a payroll management system in place. An automatic payroll process helps you comply with legal and tax requirements and simplifies the process of paying your employees.
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