Trust / Society Registration
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Trust / Society Registration @ ₹
- Salary Income
- Rent Income From One Property
- Interest Income etc.
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Trust / Society Registration @ ₹
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
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Trust / Society Registration @ ₹
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
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Trust / Society Registration @ ₹
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
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Trust / Society Registration
An Overview
Trust and society registrations are essential legal mechanisms enabling the establishment of entities dedicated to serving charitable, educational, religious, or cultural causes within a structured framework. Trust registration involves the creation of a legal arrangement where trustees manage assets or funds for the benefit of beneficiaries as outlined in the trust deed. Conversely, society registration pertains to the formation of associations aimed at achieving diverse social or cultural objectives. The former centers on asset management for specific beneficiaries, while the latter focuses on broader societal welfare. Trusts appoint trustees governed by the trust deed, while societies operate through elected or appointed governing bodies. Trusts adhere to trust laws, whereas societies are regulated under specific societies registration acts. Both registrations promote organized endeavors for societal good, fostering transparency, accountability, and adherence to legal norms in their operations.
Is It Mandatory?
The mandatory requirement for trust or society registration can vary based on several factors, including the nature of activities, objectives, and applicable laws in a specific jurisdiction. While it might not be mandatory in every circumstance, registration often offers several benefits:
Trust Registration:
Charitable Activities: If a trust is engaged in charitable activities or managing assets for beneficiaries, registration might be mandatory in many jurisdictions to avail tax exemptions, gain legal recognition, and enjoy certain privileges.
Immovable Property: In cases where the trust holds immovable property, registration could be mandatory to establish legal ownership.
Society Registration:
Legal Recognition: Forming a society may not always be mandatory, but registration often provides legal recognition, which is beneficial for formalizing the entity’s objectives, governance, and operations.
Access to Funding and Support: Registered societies might access funding, grants, and various government support programs, enhancing their capacity to achieve their social, cultural, or charitable objectives.
Information / Documents Required
General Documents / Informations Required from all assessees:
Trust Registration:
Trust Deed: This document outlines the objectives, beneficiaries, trustees, rules for management, and distribution of assets. It is a crucial document defining the purpose and functioning of the trust.
Identification and Address Proof: Details and identification proof of the trustees, including passport copies, voter ID, Aadhar card, etc.
Property Documents: If the trust involves immovable property, relevant property documents might be required to establish ownership.
Affidavit or Declaration: Some jurisdictions might require an affidavit or declaration from the trustees affirming their willingness to act in the trust’s best interest.
Registration Fees: Payment of fees as per the regulations or fee structure specified by the registering authority.
Society Registration:
Memorandum of Association (MOA): This document outlines the society’s objectives, rules, regulations, governing structure, and details of its members.
Articles of Association (AOA) or Bylaws: These documents detail the internal rules and regulations governing the society’s operations, membership criteria, meeting schedules, etc.
Identification and Address Proof: Identification proof of the society’s office bearers or members, such as passport copies, voter ID, Aadhar card, etc.
Residential Proof: Address proof of the registered office location of the society, such as utility bills or lease agreement.
Statement of Accounts: Some jurisdictions might require a statement of the society’s estimated income and expenses for a certain period.
Registration Fees: Payment of applicable fees as per the prescribed structure.
Benefits
Trust registration primarily involves managing assets for beneficiaries according to a trust deed, while society registration pertains to forming associations aimed at achieving broader social or cultural objectives.
While registration may not always be mandatory, it often offers legal recognition, tax benefits, and credibility, facilitating smoother operations and access to certain privileges.
Commonly required documents include the trust deed outlining objectives and management rules, identification proofs of trustees, property documents (if applicable), affidavits, and payment of registration fees.
Essential documents typically include a Memorandum of Association (MOA), Articles of Association (AOA), identification proofs of office bearers/members, residential proof of the society’s registered office, statement of accounts (if required), and payment of registration fees.
Yes, registered trusts and societies often gain legal recognition, tax exemptions, eligibility for government grants/funding, and increased credibility, aiding in attracting donors and supporters.
The duration varies depending on the jurisdiction and the efficiency of the registering authority. Generally, the process can take several weeks to a few months, considering document verification, compliance checks, and administrative procedures.
Yes, in many countries, foreign nationals or entities may register trusts or societies, but they might have additional requirements such as appointing local trustees or complying with specific regulations concerning foreign entities.
Once registered, trusts and societies must comply with ongoing obligations such as filing annual reports, maintaining proper accounts, conducting regular meetings, and fulfilling tax and regulatory requirements to ensure continued legal compliance.
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