A Public Trust means an express or constructive trust for either a public religious or charitable purpose or both and includes a temple, a math, a wakf, church, synagogue, agiary or other place of public religious worship, a dharmada or any other religious or charitable endowment and a society formed either for a religious or charitable purpose or for both and registered under the Societies Registration Act, 1860.
Charitable trust formation and registration process is simple and easy
Simple record-keeping and even simpler regulations for a charitable trust registration
Exemption from tax due to charitable nature of operations.
Under Section 18 sub clause 1 of Bombay Public Trust Act, 1950, it shall be the duty of the trustee of a public trust to which this Act has been applied to make an application for the registration of the public trust. The mode of making application and the necessary contents are mentioned in Section 18 of Bombay Public Trust Act, 1950
In order to bring the trust within purview of Bombay Public Trust Act, 1950, the objects of the trust must be either the religious or charitable. The charitable objects may be of any kind including imparting education, providing medical aid, helping the poor etc. It is incumbent to mention the objects specifically in the application for registration of the trust.
In view of definition of Public Trust under section 2 (13), public trust includes society formed either for a religious or charitable purpose or for both and registered under the Societies Registration Act, 1860. All societies registered under the Societies Registration Act, 1860 are converted into public trust under Bombay Public Trust Act, 1950 after necessary inquiry and following the procedure under Bombay Public Trust Rules, 1951.
A trust is chargeable to tax as per the slab rates which are applicable to an individual (not being a senior citizen or super senior citizen). The amount of income-tax (as computed above) shall be further increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees.
Trustee means an individual person or a group of persons given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified.
Trust property is always vested with the trustees for its proper administration. The legal ownership of the trust property is of the trust and trustees are having restricted interest to the extent of proper administration of the properties in the interest of trust.
In case of any grievance about administration of trust, trust properties or functioning of a trustee complaint can be filed by any person to the Deputy or Asstt. Charity Commissioner within whose jurisdiction the trust is situated.
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