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Online Trust Registration is the most convenient way to begin a non-governmental organization or NGO. A trust works with the aim to eradicate poverty, provide free and compulsory education to the underprivileged and offer medical relief and services to those in need. Apart from this, they also function with the objective of promoting arts, science and literature in the community. It is worth mentioning that trusts are irrevocable, that is, they cannot be amended or terminated without due permission of the court.
Taxzona helps in assisting you with the entire trust registration process with the inclusion of attaining a trust certificate, deed of trust, rental agreement, etc.
In this article, we will learn about what is a trust, online trust registration process, documents required for online trust registration and online trust registration service provider.
According to the Indian Trust Act, 1882, “a trust is an obligation expropriated to the ownership of a property, arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him/her, for the benefit of another and the owner.” In simple words, a trust is an arrangement where owner or a trustor transfers his/her property to the trustee for the benefit of a third party. It shall be noted that the property is transferred to the trustee along with due proclamation that the property should be held by the trustee solely for the purpose of beneficiaries of the online trust registration.
Trusts can be established for a number of purposes, including social services, education, healthcare, provision of facilities for recreation, or any other purpose concerning general public welfare.
A trust deed is the primary legal document which states the reason for formation of the trust, its functionalities, working and closure. Given below are the important clauses to be provided for in the Trust Deed:
Let us now dig deeper into the Online Trust Registration.
A trust comprises the Board of Trustees. The Board constitutes the following:
Please note that the quorum of the Board of Trustees shall not exceed a maximum of 21 members.
Following is the list of documents required for trust registration:
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Yes. It is mandatory for a trust to get the registration under section 12AB of the Income-tax Act, 1961.
Form 10A (With a new format) & Form 10 AB are available in respective cases.
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