Trusts are formed for the sole purpose of promoting non-commercial activities. These activities have to be in the field, promoting development in the field of arts, science, education, and the environment. Therefore registering a trust is crucial.
A trust can be created by execution of a trust deed; there are two types of trust. A public trust is created for the benefit of the general public whereas a private trust is created for the benefit of a particular group of individuals known as the beneficiary.
There is no upper limit for the trustees in a trust, but a minimum of two trustees are always required for registration. The trust deed should have provision concerning the management of the trust along with the procedure of appointing or removing the members.
The trust deed is the most important instrument in a trust, it prescribes the main objectives for which the trust is set up. Apart from the main objects of the trust, it defines its beneficiary and the powers of the trustee. The deed is signed in presence of two witnesses.
Government privileges and tax benefits are not available to a private trust, whereas public trusts after registration with the income tax can avail certain tax exemptions. We are experienced in obtaining necessary income tax registration for tax exemption or benefit.
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Trustor is a person/ individual who creates the trust. The trust is created for another person known as the beneficiary. The trustee has the responsibility of managing the trust for the beneficiary.
The applicant has to know the activities which are covered by the trust. Then the applicant has to select an appropriate name for the trust. After this the deed of the trust has to be drafted. After this process is carried out, the applicant has to go for trust registration. In the final step, the applicant would secure a PAN and TAN.
The main law which is applicable for trust registration is the Indian Trusts Act, 1882. Apart from this there is also other legislations which govern the provisions related to trusts in India.
A trust cannot be closed if the operations are carried according to trust management. However, if there are any forms of disqualification on the shareholders, trust can be closed. An application for closing the trust must be made.
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