What is Society Registration?
A society is a group of people who have come together by mutual consent to deliberate, decide, and work together for a common goal. Typically, societies are formed to promote charitable practices such as education, literature, faith, entertainment, music, athletics, and so on. The Societies Registration Act, 1860, sets out the process for registering and operating a society in India.
The Societies Registration Act of 1860 was enacted to improve the legal provisions for societies wishing to register for the advancement of literature, study, or the fine arts, or the dissemination of valuable information for charitable purposes. Many state governments also followed the Societies Registration Act of 1860, with or without amendments.
advantages of society registration :
Purchase a certain property without legal difficulties. The Registered Society meets with less compliance when holding the property under its own name.
File lawsuits against defaulters or in the event of a dispute. The registered society has the right to put legal proceedings before the judge.
Accessible tax exemption from income tax. The corporation operating under the Act is entitled to file a tax return on revenue.
Take out fewer liabilities.
Switch the old property to another company without participating in challenging paperwork or strict enforcement.
Secure the assets of the incorporated company from the competitor claiming control of the same entity.
It bypasses rules that discourage the opening of a bank account in its name.
Collect funds from outside sources.
The Registered Society shall have the right to vest the property in its name and shall not attract any clause relating to the transfer of ownership. A society run by overseas candidates in India is still considered to be part of the Indian Society and observes all provisions of Indian law.
As per the statute, the unregistered community is not considered to be a separate legal body. Thus, certain organizations do not have the ability to reap the benefits mentioned above. The Unregistered Society will not cement its position in the legal system until it has opted for registration. Precisely, there are countless Advantages of the Registration of the Society to allow the Society to perform without legal difficulties.
What is Trust Registration?
Trust Registration is made in India by the Trust Act, 1882. The Trust Act, 1882 describes the Trust as “a duty annexed to the possession of land derived from a trust rested upon and agreed by the owner or claimed and accepted by the owner for the good of another owner or another owner. In simple terms, it is a transfer of property by the owner to another for the benefit of a third party, together with or without the owner’s declaration, to hold the property, not for himself or another person.” In India, the majority of trusts are registered as public charitable trusts in the form of a non-profit entity.
Two kinds of trust can be established with the execution of a trust deed. Public trust is established for the general public and a private trust for the benefit of a certain group of individuals known as the beneficiary. The trust is created to the benefit of the general public.
advantages of Trust registration :
- The government provides land to trusts.
- The Govt. registered name is used by trusts registered under the Trust Act.
- Benefits from taxation.
- Gain from the 80G certificate.
- Building constriction with white capital.
- Benefit from a reduction in service tax or income tax.
