Quick Summary
Public Trust is a non-profit entity created for charitable, religious, or public purposes. Registered under respective State Public Trust Acts.
A Trust is a fiduciary arrangement where a trustee holds property for the benefit of beneficiaries. Public Trusts are created for charitable or religious purposes benefiting the public.
Types of Trusts
- Public Trust: For public charitable/religious purposes
- Private Trust: For benefit of specific individuals
Registration
- Registered under State Public Trust Act
- Maharashtra: Bombay Public Trusts Act, 1950
- Draft Trust Deed on stamp paper
- Submit to Charity Commissioner/Registrar
- Obtain Registration Certificate
Trust Deed Contents
- Name of Trust
- Settlor and Trustee details
- Trust objectives
- Beneficiaries
- Trust property
- Rules for management
Compliance
- Annual accounts filing
- Change report filing
- Audit for trusts above threshold
- Income tax return filing
Key Points
- Created for charitable/religious purposes
- Registered under State Trust Act
- Trust deed is governing document
- Trustees manage trust property
- Annual compliance required
- Alternative to Section 8 Company