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Trust - Registration (NGO)
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Trust Registration
CREATION OF TRUSTS
- A trust is created when the author of the trust indicates with reasonable certainty by any words or acts ;
- An intention on his part to create a trust
- The purpose of the trust
- Any State Cooperative Societies
- The trust property, and (unless the trust is declared by will or the author of the trust is himself to be the trustee) transferred the trust-property to the trustee.
Trust Registration Process
Indignation and men who are so beguiled and demoralized by the charms blinded.
For Registering a Trust , minimum 2 persons are required .Minimum 2 Trustees have to be there and anyone of them can become the author of the trust. Trustees could be individuals, Companies or LLPs. Trustees Registering Trust are usually known as founder Trustees..
Founder needs to identify and select the name of the Trust and they also need to decide upon the address for registered office of the Trust.Trust�s Registered office need not be a commercial place. It can be residential address as well.
A trust deed containing Objects and rules and regulations for operation of trust has to be drafted and executed by the author and the trusteesTrust deed is executed on requisite value of stamp paper as applicable to the state where Registered Office of the trust is situated.
For submission of document physical presence of at least one trustee with original ID proof is required.
Except where the State Act is prevailing ,Trust Deed is registered under Registration of Documents Act 1908 and original Trust Deed is returned to trustee with all NRN Details Finished on of.
Corpus fund refers to money donated to a charity with the provisions that the principal will not be spent , But the income from the principal or corpus will be used for the charity. Corpus fund denotes a permananet fund kept for the basic expenditure needed for the administration and survival of the organisation interest on corpus fund is to be used for the acuities of the NGO. 15 % is exempt by default. Balance 85% is exempt to the extent that it is used for charitable purpose.
Corpus fund refers to money donated to a charity with the provisions that the principal will not be spent , But the income from the principal or corpus will be used for the charity. Corpus fund denotes a permananet fund kept for the basic expenditure needed for the administration and survival of the organisation interest on corpus fund is to be used for the acuities of the NGO. 15 % is exempt by default. Balance 85% is exempt to the extent that it is used for charitable purpose.
Every person capable of holding property may be a beneficiary. A property may e a beneficiary or renounce his interest under the trust by disclaimer addressed to the trustee or by setting up with notice of the trust, A claim inconsistent there with. A person or corporation legally capable of taking and holding legal title to property can be a beneficially of a trust. Beneficiaries can be of two types. Fixed beneficiaries . Discretionary beneficiaries.
Grants are non repayable funds disbursed by one party, often a government department , corporation, foundation or trust to a recipient often a non profit entity educational institution, business or an individual A trust can apply for government grant funding and applying for a government grant requires much effort. A government grant can help the project get underway save time and improve chains by followings the proper procedures.
A trust can open a school but the purpose of opening a school should not be profits motive but must be for the overall welfare and development of the society . School must be opened by welfare of a community , needy and poor children who cannot get basic education trust cannot open school in Bihar and company U/s 25 cannot open a school.
Income of an organisation is exempted if a NGO has 12A registration. All income shall not be taxable after 12A registration. This is one time registration. 80G: If an organisition has obtained certification under 80G then donors of that NGO can claim exemption from Income Tax. This is not one time registration and this needs to get renewed after validity period 12A AND 80G benefits available to a trust. Trust deed, Registration certificate, Trust Pan Card, ID Proof, Books of accounts e.t.c are required for registration U/S 12A and 80G to avail the benefit.
Yes a trust can enroll members. For enrollment of a member trust has to comply with a enrollment process. Enrollment Process for the first party or a third party is similar but extra steps may be needed if a beneficiary is funding his or her own trust and is not financially capable.