Contribution payable under sub section (1) of Section 58 : Trust Accounts

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This query is : Resolved

Vilas (Querist)

07 December 2021 On submission of accounts of Trust acknowledgement showing contribution amount to be paid under sec. (1) of Section 58 is generated. Please guide me regarding payment of contribution amount i.e. when & to whom it is to be paid and how it is to be paid through Govt. challan or through Cheque / DD etc.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

06 July 2024 The contribution amount mentioned under Section 58(1) typically refers to the fees or contribution payable for registration, renewal, or filing of accounts for trusts with the relevant authorities. Here's a general guideline on how to proceed with the payment:

1. **Identification of Payment Requirement**: When the acknowledgement or notification shows a contribution amount due under Section 58(1), it indicates that this amount is required for completing the registration or filing process of the trust's accounts.

2. **Payment Method**: Usually, such payments are made through a designated government challan. The specific details of the challan (e.g., name, code, and account number) where the contribution amount needs to be deposited are provided in the acknowledgement or notification.

3. **Payment Timeline**: It's important to check the deadline for payment mentioned in the acknowledgement. There might be a stipulated period within which the payment must be made to avoid any penalties or delays in processing.

4. **Payment Procedure**:
- **Challan Details**: Obtain the challan details (such as name of the authority, account number, IFSC code, etc.) from the acknowledgement document.
- **Payment Modes**: Payments are typically made via:
- Cash deposit at designated bank branches (if applicable).
- Cheque or Demand Draft (DD) drawn in favor of the specified authority, along with the completed challan.
- Online payment options if available through the government's payment portal.

5. **Submission of Proof**: After making the payment, ensure to retain the proof of payment (counterfoil of challan, online payment receipt, etc.) as it may be required for further verification or as proof of compliance.

6. **Verification and Acknowledgement**: Once the payment is successfully processed, the authorities will typically issue an acknowledgment or receipt confirming the payment. This acknowledgment may serve as proof of compliance with the payment requirement.

If there are specific instructions or additional requirements mentioned in the acknowledgement, it's advisable to follow them closely to ensure smooth processing and compliance with the regulations governing trust contributions under Section 58(1). If you're uncertain about any aspect of the payment process, consulting with a legal advisor or directly contacting the relevant authorities can provide further clarity and guidance.

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