Manish Marwah and Co provides all the necessary information and guidance for registration of trusts in India. First, let’s get the brief information about Trusts and the process involved in its registration.
Trusts are the legal instruments used to manage and oversee the management of money, other assets and investments for certain beneficiaries. Trusts registered in India provide tax benefits to the beneficiaries, so it is a recommended option for wealth management. Registration of Trusts in India is relatively simple as long as all the requirements are met.
The first step for Registration of Trusts in India is to prepare a Trust deed. This document defines the role and responsibilities of trustees, the purpose of the trust, the mode of operation and the rights of the beneficiaries. After the Trust deed is signed, a copy needs to be submitted to the Charity Commissioner of the state or Union Territory.
The second step for Registration of Trusts in India is to obtain a Permanent Account Number (PAN) from the Income Tax Department. This PAN will help in filing taxes and is a must for any trust that is registered in India.
The third step is to obtain the 12-digit organization identification number (commonly known as ‘GSTIN’) from the Goods and Services Tax Network (GSTN). This number is a must for trusts that are involved in any kind of business activities.
Finally, a trust should apply to the Registrar of Companies (ROC) for a registration certificate. This certificate can be used for opening a bank account with any bank in India, filing of returns and obtaining loans or any other financial assistance.
Registration of Trusts in India can be a time-consuming process, but it is important to do the necessary paperwork to get the tax benefits and other advantages of the trust’s registration. It is recommended to take help from professionals, who can assist in the registration process, and therefore, we are here to help you with the whole process of registering trusts.
