A Trust registration in Madurai is an arrangement where owner(trustor) transfers property to someone(trustee) for the benefit of third person(beneficiary). In addition The nonprofit organization in India can register as
- Trust
- Society and
- Private Limited Company
These organizations work for public welfare activities with charitable purposes. And They contribute for medical, education trust can be public or private. The main intent of running trust is to transfer property to the beneficiary. Trust can be classified into two categories Public, Private.
Private Trust
In this the beneficiaries include family, individuals. Private trust whose beneficiaries and their requisite shares both can be determined. The private Trust whose both or either beneficiaries and also their requisite share cannot be determined.
Society Registration in Madurai
Society registration in Madurai works for the public welfare of the people.ACT. The Society registration Act came into force in the year 1860.Trust registration Act came into the year in the year 1882.
Procedures for Trust Registration in Madurai?
First is to choose an appropriate name for the Trust. Decide the settlers or Authors and Trustees of the Trust. Second is to formulate Memorandum of Association and also the Trust deed of the trust. Prepare Trust deed on a stamp paper . Third is to submit the Trust deed with the registrar. Obtain registration certificate. The Trust registration in karur/Society registration in karur should explain the above procedures to the people.
Documents needed for Trust Registration in Madurai/Society Registration in Madurai
*Trust deed. Also Self attested copy of Identity of the Trustor (Aadhar,passport,voter Id,driving license)
*Self attested copy of Identity of the trustee (Aadhar,passport,voter Id,driving license),PAN
*Proof of registered office address of the trust(water bill or Electric bill or registration certificate) and also Non objection letter signed by the landowner.
The Trust registration in Madurai/Society registration in Madurai must ensure these documents are placed properly.
Society registration in Karur
*Choose an appropriate name for the Trust.
*Decide the settlers or Authors and Trustees of the Trust.
*Formulate Memorandum of Association and also the Trust deed of the trust
*Prepare Trust deed on a stamp paper
*Submit the Trust deed with the registrar
*Obtain registration certificate
The Trust registration in karur/Society registration in karur should explain the above procedures to the people.
Documents needed for Trust Registration in Madurai
Generally, trust deed Also callec Self attested copy of Identity of the Trustor (Aadhar,passport,voter Id,driving license)
*Self attested copy of Identity of the trustee (Aadhar,passport,voter Id,driving license),PAN
*Proof of registered office address of the trust(water bill or Electric bill or registration certificate) and also Non objection letter signed by the landowner.
The Trust registration in Madurai/Society registration in Madurai must ensure these documents are placed properly.
12 A and 80G certificate
And first thing to remember Trust or NGO can acquire 12 A certificate from Income Tax department. And So on receiving surplus amount as income can be exempted from tax. NGO must obtain 80 G certificate.And It allows the donors can be availed deduction. It comes under Income Tax Act.
Trust registration in Madurai
Furthermore, it can be used for education Promotion of Fine Arts. For medical expenditure of medical for elderly and children Diffusion of political education . Wealth is held in trust and protected from family friend Grant of charitable assistance. At the present time there is any loss in business, assets are protected by Trust Creation of military orphan fund. If the heir is not matured enough Trust can protect the property. Foundation of public museum. If Trust Registration in Madurai/Society Registration in Madurai is not done then they cannot claim the benefits under income tax Act.
Difference between Trust and Society
Although this may be true It is important to realize Trust is a legal arrangement who holds property for the sake of some other person. Society is an association of persons who come together to fulfill any particular purpose described under Act.
Living Trust
The formation of the confidence and by the author when he is alive
Testamentary Trust
The trust which comes to existence after death of the author correspondingly.
Revocable Trust
The Trust or hands over the assets to the Trustee and still holds the right on the assets.And It is important to realize You can change the beneficiaries of the Trust. If the Trust registration in karur is revocable even the estranged member can be the beneficiary.
Irrevocable Trust
If the settler hands over the Trust he can no longer be the right to own the assets. similarly If you have estranged member on patch up cannot continue as beneficiary. Although this may be true An irrevocable trust protects your assets as in case you suffer a business loss or divorce your assets which have been transferred reach your children as your creditor or the separated spouse cannot reach the assets.
Cooperative society
In presently A cooperative society is an autonomous body of people who come together to meet the economic, social and cultural needs.
- Presently They provide loans for Farmers to help them financially. Moreover they aim to provide goods and services And It is important to realize At the same time They aim to eliminate unnecessary profit of middleman.And They also seek to prevent exploitation of the weaker members of the society comparatively.
*In another key point From time to time They aim protecting right of the people both producers and consumers.And also They promote mutual understanding and education among their members and people in general.
Number of Trust registration in Madurai and karur
Aditionally, at the present time Registration number of trust starts with IT which stands fir Inter Vivos trust followed by number issued by Master’s office.similarly and It is followed by the year the Trust was registered.
| A legal relationship, in which author assigns property to the trustee and for the benefit of the beneficiary. | A society is an organized group of persons, who are joined together for fulfilling any purpose relating to literature, science or charity. | |
| Indian Trust Act, 1882 | Societies Registration Act, 1860 | |
| Trust deed | Memorandum of Association | |
| Centralized | Democratic | |
| Board of trustees | Governing Body which should be directors, governors, trustees etc | . |
Trust compliances
*Obtain PAN card
*Book keeping and accounts
*Annual IT fittings
*Shops and Establishment License-in case of employment
*Professional Tax Registration –if applicable
*GST registration-if applicable
Society compliances– society registration in karur
*Board meeting and General meeting not conducted
Of course, Non maintenance of account records and also non audit of books of Accounts on annual basis
- In addition of Using of so fund and personal use and Non filing of Income tax return correspondingly.
How to check society registration online
Step1: Firstly Click on society. Then E-Governance. Then go for Society validation.And Check online validation
Step2: Secondly Use login credentials
Step3: Thirdly Check for security ID
Step4: Finally Collect your ID
Disadvantages of Society registration in Madurai and karur
In This present time there is inappropriate to carry out in a beneficiary motive. At the present time trusts are often more complex to draft when compared to wills Inconvenience.And at The same time Trust registration in Madurai and Society Registration in Madurai must educate people about the above said aspects to the people.
Moreover, in the final analysis NGOs who are registered with the National Trust and whenever their PWD Act registration expires,In addition shall be given a grace period of 6 months to one year, for getting new registration under PWD Act. In summary the purpose of Trust or society registration in Madurai is to benefit the third party. And In the final analysis This is to promote medical, education scientific and literary.