What is the meaning of juristic person?
A juridical or artificial person (Latin: persona ficta; also juristic person) has a legal name and has certain rights, protections, privileges, responsibilities, and liabilities in law, similar to those of a natural person. The concept of a juridical person is a fundamental legal fiction.
Is a juristic person?
a body recognized by the law as being entitled to rights and duties in the same way as a natural or human person, the common example being a company.
Is trust an artificial juridical person?
…’every artificial juridical person, not falling within any of the preceding sub-clauses’. Therefore, if a person falls within any of the preceding sub-clauses, then it cannot be termed as Artificial …it. 127 (Mad.), it was held that Trust is not a ‘juridical person.
Is trust a body of individual?
trust is an association of individuals.
Is a trust a person for tax purposes?
General rules. A trust is a taxpayer under the Income Tax Act (“ITA”), and is deemed by the ITA to be an “individual”, so that it must file a tax return, subject to many exceptions to the tax rules that apply to individuals. An estate (after a person’s death) is considered a trust for purposes of the ITA.
How long does a trust fund last?
To oversimplify, the rule stated that a trust couldn’t last more than 21 years after the death of a potential beneficiary who was alive when the trust was created. Some states (California, for example) have adopted a different, simpler version of the rule, which allows a trust to last about 90 years.
How much tax do you pay on a trust?
For example, according to the IRS, in the tax year 2019 the following federal trust fund tax rates are applied on any income retained by the trust: Retained income of under $2,600 is taxed at 10% Retained income of over $2,600 but not over $9,300 is taxed at $260.00 plus 24% of the excess over $2,600.