Section 12a
This query is : Resolved
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?
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.
01 October 2018
Trust have to change the laws to and get trust approval and submit for approval to IT Deptt
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Capital Gains on sale of residential flat
- F & O PROFIT REPORTING FOR AY 2026-27
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
