As per Section 6 of The Indian Trusts Act, 1882 a Trust is created when the Author of the Trust indicates with reasonable certainty by any words or acts the following:
- An intention on his part to create a Trust
- The purpose of the Trust
- The Beneficiary
- The Trust Property
- And transfers the Trust Property to the Trustee.
Reasons for forming a Charitable Trust
Charitable Trusts are formed in India for one or more of the following reasons:
- Discharge of the Charitable and/or religious sentiments of the Author, in a way that ensures public benefit.
- For claiming exemption from Income Tax, as the case may be, in respect of incomes applied to charitable or religious purposes.
- For the welfare of the members of the family and/or other relatives, who are dependent on the settlor of the Trust
- For the proper management and preservation of property.
- For regulating the affairs of a provident fund, superannuation fund or gratuity fund or any other fund constituted by a person for the welfare of its employees.
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PF/ESIC Registration online
According to section 3 of THE EMPLOYEES’ PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952, any person who employs 20 or more persons has an obligation to register himself under this act. However, there is no restriction to register himself under this act, if he employs less than the prescribed limit under the provident fund act.
In the budget 2018, the finance minister proposed to effect amendments in the Employees Provident Fund and Miscellaneous Provisions Act, 1952 as regards employee contributions.
Prior to the amendment, every employee had to contribute 12% of his or her basic salary towards EPF as a statutory mandate. And on the same rater employer also had to contribute.
But in the union budget 2018, the EPF contribution rate for the newly recruited female employees has been reduced from 12% to 8%. This privilege will be available to the new female employees for the first three years of employment.
The contribution from the employer’s end towards EPF, although, will continue to be at the rate of 12%. Additionally, the government has proposed to contribute 12% of the wages of new employees towards EPF; this is applicable to all the sectors of the economy for the next three years.
Checklist of the documents required for the registeration
- Name of the applicant
- Pan card of proprietor
- Id proof of the proprietor like Driving license/Passport/Election Card
- Address proof of proprietor.
- Address proof for the premises.
- Complete details of the applicant with their residential address and telephone number
For Partnership Firms / LLP / Company
- Name of the partnership firm or LLP or Company
- Certificate of Registration Firms in case of the Partnership firm. Incorporation Certificate in case of LLP or Company.
- Partnership deed in case of partnership firms or LLP.
- Id proof of Partners –Pan card /Election Card / Passport/Driving license in case of Partnership Firm or LLP. ID proof of Directors in case of a company.
- List of all partners with telephone number and address proof of all partners in case of Partnership Firm or LLP. List of all Directors with contact details in case of Company.
- In the case of Society, Trust, etc, Registration of the organization needs to be done with concerned authority.
- Certificate of incorporation of society/trust.
- Moa and Bye-Laws of society and trust.
- Id proof of president and all members of society
- Complete details of the president and all members with their complete address and telephone number.
- Pan card of society/trust
Common Documents Required for All Entities
- First sale bill.
- First purchase bill of raw material and machinery.
- GST Registration Certificate, if registered under GST.
- Name of the bankers, address of the bank.
- Record of a monthly strength of the number of employees.
- Register of salary and wages, all vouchers, all balance sheets from day one to the current date of provisional coverage.
- Date of joining of employees, father’s name, and date of birth.
- Salary and PF Statement.
- Cross canceled cheque.