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Any Non-profit organization in India dedicates all its functions to help a social cause. It upholds the share point of view in society to help people. All these organizations usually use all their revenues to achieve their ultimate goal. Rather than distributing it in their leaders or shareholders, these organizations use all the finds in helping people. Thus these organizations are exempted from taxes. That means they are not taxable for any amount they receive for their organization. But to exempt themselves from the tax, they must registrate themselves as a trust.
A trust is a liability placed on any individual or entity in which confidence is placed. It is an authority placed in person conveying that the legal properties that he/she hold are for the betterment of others. Thus trustee is the responsibility that includes the ownership of the trust’s property. A trustee preserves the trust property and distributes the income according to the creator’s thoughts. Any trust in India consolidates under the Indian Trust Act, 1882.
1) Decide the settler and the trustee of the trust
2) Choose a name for the trust
3) Formulate MOA
4) Choose beneficiary
5) Trust property
6) Objectives of the trust
1) Discharge of charitable sentiments for public benefit
2) Helps in welfare of the members who depend on the settlor
3) Preservation and management of the property
4) Promote public welfare
5) Crucial Tax benefits
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