Trust registration is an essential step for any organization that wants to establish itself as a credible and trustworthy entity. Trust registration is the legal process of registering a trust with the relevant government authorities to establish it as a legal entity. Trust registration offers various benefits, including tax exemptions, access to funding, and legal protection.
One of the significant benefits of trust registration is tax exemption. A registered trust is eligible for various tax benefits under the Income Tax Act, such as exemptions on donations and income tax. This can help the trust save significant amounts of money that can be used for its charitable activities.
Another significant advantage of trust registration is access to funding. A registered trust is eligible to receive funding from various sources, including government agencies and private organizations. This funding can help the trust expand its activities and reach more people in need.
Trust registration also offers legal protection to the trust and its members. A registered trust is recognized as a legal entity, which means that it can enter into contracts, own property, and sue or be sued in a court of law.
Overall, trust registration is an essential step for any organization that wants to establish itself as a credible and trustworthy entity.