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Indian Trusts Act, 1882 is a law in India relating to private trusts and trustees. The Act defines what would lawfully be called as a trust and who can legally be its trustees and provides a definition for them.
A Section 664 trust makes payments either of a fixed amount (charitable remainder annuity trust) or a percentage of trust principal (charitable remainder unitrust), [15] to either the donor or another named beneficiary. If the trust qualifies under the IRS code, the donor may claim a charitable income tax deduction for their donation to the trust.
Indian Accounting Standard (abbreviated as Ind_AS) is the accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977.
A trust is a legal relationship in which ... The trust's affairs may include prudently investing the assets of the trust, accounting for and reporting periodically to ...
It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further, the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all other entities, the accounting standards issued the ICAI continue to apply.
The Chairman of the Central Board of Direct Tax (India) constituted under the Central Board of Revenue Act, 1963 (India) or his nominee; 6. Two members to represent the chambers of commerce and industry to be nominated by The Central Government of India; and 7. One representative of the Security and Exchange Board of India to be nominated by it.
In every trust deed, the minimum and maximum number of trustees has to be specified. The trust deed should clearly spell out the aims and objects of the trust, how the trust should be managed, how other trustees may be appointed or removed, etc. The trust deed should be signed by both the settlor/s and trustee/s in the presence of two witnesses.
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.