Is there any registration procedure required for family trust under any act?
I am doing concurrent audit of GOI Bonds. at the time of varification of investment application form received from family trust and and provided only PAN, Trust deed, and Resolution. But as per KYC norms following documents required
1) PAN
2) Certificate of Registration or 80G
3) Trust Deed
4) Copy of resolution with authorised signatory
But in my case investor was not provided Certificate of Regn. and argue on following grounds:
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Not applicable being a private family trust and not a non-profit making company registered under Section 25 of the Indian Companies Act, 1956;
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Not required being not a charitable instituition;
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We are not accepting donation with a eligibility of benefit u/s 80G of the Income Tax Act;
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Being a private family trust, no approval from Central Government u/s 35 of the Income Tax Act is required.
Our Trust Deed is registered with Sub-Registrar (Govt. of Rajasthan) at Udaipur, Rajasthan
awaiting for reply.