Compliances to be followed by the Trust as per Bombay Public Trust Act 1950
- According to section 18 sub clause 1 of BPT Act, 1950 trust registration is mandatory.
- It is mandatory to inform any change which occurs in the trust in respect of the trustees, movable or immovable properties etc. within a period of 90 days from the change as provided under section 22 of the B.P.T. Act, 1950.
- As per section 31A and rule 16A of Bombay public trust Act 1950, trusts having annual income exceeding Rs. 10,000 (Rs. 5,000 for public religious trusts) , at least one month before the commencement of each accounting year, have to prepare and submit the budget in the form schedule VII-A, showing the probable receipts and disbursements of the trust during the following year to the Charity Commissioner.
- Meetings should held regularly during the year.
- Minutes book for meetings maintained
- List of Trustees & Governing Body has been submitted to the Charity Commissioner in the Month of May.
- As per section 36 prior permission is required from charity commissioner in case of sale, exchange or gift of immoveable property
- “As per section 36A Prior permission of charity commissioner for borrowing is necessary”
- Trust should have to maintain Trustee register, donation register, investment register, movable immoveable property register.
- Income and Expenditure account and Balancesheet should be maintained and prepared in specified format.