29 May 2021
I am one of the trustee of a private unregistered trust, which was created by my father and has two trustees at present. Due to personal issues we are unable to carry out the functioning of the trust and would like to close it. The trust has only one account and we propose to transfer the entire balance in the savings account of the trust to another trust and close the trust account.
Can we do it and are we supposed to advise or report to any authority about such closure. The trust has its own PAN No. & since we are regularly filing the trust IT Returns are we required to report the closure to IT authorities and also surrender the Pan Card.
31 May 2021
I could not understand what you mean by change in beneficiary. I believe beneficiary is the person who gets donation from the trust. Our trust is donating money to KMECT who becomes the beneficiary. So how does change in beneficiary come in here.
CAclubindia
