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.
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.