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a) Trust– Trust is created for the purpose of charitable and religious purposes. Trust can be constituted by Trust deed. In case of formation of trust there are no specific statues available. However, charitable endowment act’1890 and Charitable and religious act’1920 have bearing on the formation of a charitable trust.
b) Society– Society is an association of persons who come together by mutual consent to act jointly for common purpose. The compliance has to be made under the Societies registration act’1860.
Trust and Society can seek registration u/s 12A to claim exemption under provisions of Income Tax Act’1961, if certain conditions are satisfied.
Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust.
The application for registration has to be filed with the jurisdictional commissioner of Income Tax.
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