Registration of Charitable Trust
A trust is an agreement
between people (called trustees) to manage property over which they have
control either to benefit other people (called beneficiaries) or for
charitable purposes. A groups of trustees may be incorporated as a board
under the Charitable Trusts Act 1957 if the objects are charitable.
Some common
characteristics of trusts incorporated under the Charitable Trust Act
1957 are:
-
A Trust has a board
of at least two trustees
-
A Trust must have
charitable objects
-
The trustees make
the major decisions
-
A Trust set up
under a trust deed which outlines how it operates
-
A Trust often has
more limited community or member involvement than incorporated
societies
-
Its assets can be
used to meet its debts, but if it is incorporated and trustees have
acted responsibly, they are unlikely to be personally liable
-
Trustees are
generally not accountable in specific ways unless the deed
specifically set these out
-
A Trust can be
legally wound up at any time, unless a specific term for its
existence has been stipulated in the trust deed (more common in
private Trusts)
-
A needs to be
registered separately with the Income Tax Department (Exemptions) to
be exempt from payment of tax.
Our expert
professionals are providing services for:
Preparation of Trust
Deed
Preparation of other necessary documents
Submission of Trust Deed for Registration
Preparing Application for Registration u/s 12A and Exemptions Under
Section 80-G of Income Tax Act, 1961.
Appearing for hearing of the said case till finalization.
