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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