A society is an organization in which a group of individuals with similar interest come together to perform some functions. The said societies are governed by the Societies Registration Act of 1860 and the said act is amended by the respective states. The societies are registered and governed as per the said act. Registration of society is required to promote the fine arts, science, literature, or knowledge sharing for a purposeful matter or for charity. On the other hand, society is also formed for the maintenance of a residential or commercial complex or for creating the Apartment Association.
A trust shall after its registration shall do the following:
- Obtain PAN card
- Open a bank account
- Bookkeeping and accounts
- Annual IT filings
- Professional tax registration, if applicable
- GST registration, if applicable
- Compliance with the Registrar of Firm – Filing of AGM resolution, accounts to be disclosed and member list to be filed with the Registrar of Firms.