14. Accounts of the trust
1. The Managing Trustee shall maintain proper books of accounts the funds properties and Income and Expenditure of the Trust.
2. The official year of the Trust shall be a period of 12 months from the 1st April to next 31st March every year. The Managing Trustee shall
prepare a Receipts and Payments account for the year ended 31st March of every year and also an Income and Expenditure account of every financial year ending on 31st March and also a Balance sheet as on 31 st March of every year. The Trustees shall get the said accounts and balance sheet audited by a
practicing qualified Charted Accountant and submit the returns relating to foriegn contributions, if any received. The trustees shall be reported to the Ministry of Home affairs, New Delhi with Auditor’s certificate and to the Income Tax on or before the due date for filling the returns every year.
3.The Managing Trustee shall utilise the entire income and funds of the trust towards the objects of the trust and no portions of it will be utilised for payment to Trustees by way of profits, interests, dividend loans etc.,
However the Board of Trustees shall have the power to reimburse the out of pocket expenses incurred by the Managing Trustee or any other Trustees
towards the formation a objects of the Trust.
15. In the event of dissolution or winding up the Trust or for any reason the trustees feel they cannot carry on the objects of the Trust themselves, the Assets and Liabilities of the Trust as on that date may be transferred to any other Trust or society having similar objects and also enjoying the exemption under sec. 12A(a) of the Income Tax Act, 1961 and also enjoying the exmption under Sec. 80 G of the said Act. The decision of the Board of Trustees in this respect shall be final.
16. The beneficiaries of the aforesaid objects of the Trust are open to all irrespective of caste, community, creed, religion, sex, etc.,
17. The activities of the Trust shall be carried out within India and no activities of the Trust shall be carried out any where outside India
18. The Trust shall not carry on any activity with the intention of earning profits.
19. It hereby expressly declared that the Trust is abosolute and irrevocable
20. Any amendments of the Trust affecting the basis character object of the Trust in future shall be only with the prior approval of the Commission/Director of Income Tax having jurisdiction over the Trust.
21. The Trust shall apply for and obtain the necessary exemptions
under the Income Tax, Wealth Tax, Gift Tax and other relevant laws in India.
22. The Trust shall apply for and obatin registration under the income
tax, Act. 1961 as amended from time to time and any sbsequent or succeeding Act.
23. The Trust shall apply for and obtain registration under the Foreign Contributions Regulation Act. 1976, or any subsequent or succeeding act thereof.
24. Not withstanding anything contained in the foregoing clauses, it is hereby agreed and declared unequivocally that this deed does not contain any provision for the transfer or application at any time, of the whole or any part of the income or assets of the trust fund for any purpose other than a charitable purpose and that any rules, made hereinafter govering the Trust Fund shall not contain any such provision. In case any clause is so, construed or interpreted, such clause shall be as deleted, amended or modified accordingly.
25. Say as otherwise provided in this Deed of Trust the provisions of the Indian Trust Act-1882 as amended will apply in respect of the Trust.
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