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A trust is a legal arrangement where assets or property are held by one or more individuals, known as trustees, for the benefit of others, referred to as beneficiaries. The trust is created with a clear purpose, ensuring that the assets are managed and used according to the specified terms for the beneficiaries’ advantage. Trusts can be set up for various objectives, including charitable, religious, educational, cultural, social, or economic goals. They may also take different forms, such as public or private, charitable or non-charitable, express or implied, revocable or irrevocable, among others. In India, the Indian Trusts Act of 1882 governs the establishment, management, and dissolution of trusts, providing the legal framework for their operation.
Legally, a trust operates as an independent entity, allowing it to acquire assets and enter into agreements in its own name, separate from the individuals managing it.
A registered trust offers its trustees limited liability, meaning they are not personally accountable for the financial obligations or debts incurred by the trust.
A registered trust enjoys perpetual succession, allowing it to remain in operation despite changes in its board of trustees due to retirement or death. This helps maintain the continuity and long-term stability of its mission and activities.
Registration enables trusts to qualify for foreign donations under the Foreign Contribution Regulation Act, 2010 (FCRA), significantly expanding their ability to raise funds from international sources.
A registered trust can efficiently transfer its assets to another recognized trust or charitable entity, supporting smooth continuity and effective execution of its intended goals.
Registered trusts are eligible to seek tax exemptions under Sections 12A and 80G of the Income Tax Act, 1961, enabling donors to avail tax deductions on contributions made to the trust.
Registered trusts are permitted to accept financial support in the form of donations and grants from individuals, companies, and various institutions, which are then utilized to advance the welfare of their intended beneficiaries.
The process of registration enhances the trust’s credibility and reliability by ensuring adherence to legal and regulatory standards, fostering greater transparency and accountability in its operations.
Transparency, accountability, and protecting stakeholder interests all start with timely compliance. Our team ensures your regulatory filings are handled smoothly and efficiently. These compliance obligations typically fall into four key categories. Want to stay ahead and compliant? Reach out to our expert startup consultants for tailored guidance.
Post-incorporation, companies are required to complete certain one-time formalities such as appointing the first statutory auditor, filing a declaration to commence business, and issuing share certificates to shareholders
Change of Directors, Change of regd. Address,Allotment of shares etc
Accounting , Tax Filing , Maintenance of records and registers etc
ROC Annual filing, Audit of financial statement, ITR filing etc
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