30 September 2018
We are a Public Trust that has 12A exemption on the basis that the Trust allows persons from a particular region ( Karnataka) irrespective of religion, caste or creed to reside in the Hostel run by the Trust. This has been in vogue since the 1970's and 12a has been applicable.
One member now states that the Hostel must be open to all persons from all over India, which is opposed by the majority of members. What is the correct interpretation for retaining 12A status?
30 September 2018
12A is generic. However the managing board of the trust can take the decision within the four corners of the provisions of the trust deed.
CAclubindia
