PAN Card Application Service | Permanent Account NUmber

PAN Card Application Service | Permanent Account NUmber

A Trust, as defined by the Indian Trust Act of 1882 and the Income Tax Act of 1961, is an arrangement where property is entrusted to a person to use and manage for the benefit of another individual or entity. Trusts can be broadly categorized into two types: Public Trusts, also known as Charitable Trusts, and Private Trusts. While trusts are commonly associated with religious or charitable purposes, there are no strict limitations on their scope, and even sports academies can be registered as trusts in India. Many societies also choose to register as public charitable trusts. Wealthy individuals often opt to create private trusts due to their tax-efficient nature, as they are not subject to certain taxes such as dividend distribution tax or minimum alternate tax. Despite the tax advantages, setting up a trust requires more effort than drafting a will. For those considering establishing a trust, seeking assistance from professionals like Effects India Consultants can streamline the process and ensure compliance with legal requirements. With Effects India Service, forming a trust becomes convenient and hassle-free, enabling individuals to manage their assets and fulfill their philanthropic objectives effectively.