legal requirements for registration of trusts formed for welfare of employees
Querist :
Anonymous
(Querist) 15 November 2010
This query is : Resolved
can anyone guide me through the procedure for registration of trust/fund formed for welfare of the employees? are there any special requirements to be taken into consideration as far as the Income tax Act and BPT Act is concerned? do provide a list of documents to be submitted to the charity commissioner along with a copy of trust deed if possible.
Chanchal Nag Chowdhury
(Expert) 16 November 2010
U have not stated from where the funds will come.Assuming that U intend to invest the employees' PF amounts, the 1st step U have to take is to draw up a plan whereby your projected returns will at least be equal to if not better than the returns under the PF Scheme.The said plan, with the approval of the employees,will have to be given to the PF authorities for approval. If approved,the PF authorities will grant U exemption from PF Deposits. U may then proceed to form the trust & proceed.
Querist :
Anonymous
(Querist) 17 November 2010
can anyone guide me through the procedure for registration of trust/fund formed for welfare of the employees? are there any special requirements to be taken into consideration as far as the Income tax Act and BPT Act is concerned? do provide a list of documents to be submitted to the charity commissioner along with a copy of trust deed if possible. The trust will receive a donation from one of the partner's of the firm. The amount received will be invested in fixed deposit of a scheduled bank. The interest earned shall be utilized for the welfare of the employees and their legal heirs. The amount earned as interest shall also be utilized for the welfare of poor, educational activities and medical reliefs to poor and needy people at concessional rates. It has nothing to do with PF amounts and any other formalities of PF Scheme.
