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Archita Bhattacharjee

Archita Bhattacharjee
About Archita Bhattacharjee

Archita Bhattacharjee is a fellow of legal studies and has proving experience about 1.5 years as Corporate legal Researcher in law firms and Rajya Sabha and authors in diverse journal publications. She has refined her skills by representing India in Paris and the University of Leiden over implications of International Humanitarian and Criminal Law being certified member of Legal Centers. As a part-time thinker, she is building intelligible legal Content for Corpbiz.

CBDT on Annual Information Statement: New Avatar Form 26AS

Assembly income tax return treating and assessment simpler and more operative, the income tax department has refurbished Form 26AS to an ‘Annual Information Statement‘ to consist of share trading related transactions and real estate. Form 26AS is an annual amalgamated credit declaration issued by the income tax to aid assessees cross-verify tax deducted at source […]

GST Applicability on Works Contract for NCBS & Food Services for Exempted Institutions: AAR

Consumption of goods and services is intended by GST based taxes. Starting from manufacture up to final consumption with credit of taxes paid at previous stages available as set off, it is projected to be levied at all the right phases. In an outer layer, the burden of tax is to be tolerated by the […]

ITAT: On Excused Absence, Plea U/s 12AA & Reflex Disallowance: Income Tax – May, 2020

Reliefs have not been declined merely on support of technicalities or payment that has been discharged in cash in the governing conditions, which may vary from case to case. In addition to light of the probable reasonability, the conditions attributable to such payment have been considered on resting the honest faith for taxpayers in the […]

Forfeiture of Exemption of Incomes of Charitable Institutions U/s 13

Are you aware that charitable institutions may be impacted by loss or giving up something as a penalty for wrongdoing? Yes, it may consider as any part of the Income of Trusts for ‘Private Religious Purposes, ‘ which does not guarantee for the advancement of the public as per Section 13(1) (a). In general, it […]

Managerial Remuneration: Amendment 2020

‘Remuneration’ is a term that means monetary value given to any person for services rendered by him in any organization. It includes all the privileges mentioned under the Income-tax Act, 1961. Moreover, ‘Managerial remuneration’ means the remuneration paid to managerial classified executive/administrator. At this juncture, managerial personal also means the managing director, manager, and whole-time […]

CBDT Notice on Refunds Release & Welfare fund Eligibility for IT: May, 2020

On 1st April, 2020, the Central Board of Direct Taxes (CBDT Notice) has disclosed the fact that they have released/issued tax refunds worth₹26,242 Cr. to assessees. It got applicable from 1st April 2020 to 21st May 2020. Income Tax and Corporate Tax Refunds:- CBDT Notice has opined to release the Income Tax refunds amounting to₹14,632 […]

Audit of Charitable trust or NGO under section 12A (b)

Overview on Audit of Charitable Trust The main objective of auditing charitable institutions is to allow the assessing officer to convince himself concerning the genuineness of the privilege/exemption claim under section 11. It is even to verify if the trust has complied with qualifications guided by the law or ordinance. The accountant has to check […]

Cancellation Grounds for Trust Registration 2020: New Changes

We all are aware that Section 12AA of the Act proposes methods of granting registration of charitable trust or institution. It aligns for the purpose of availing exemption by its income under section 11 of the Act, substantial to conditions contained under ‘sections 11, 12, 12AA and 13’. By the same, section 12AA also delivers all the […]

New Registration Procedure under 12A (1) a/aa/ab: Trust 2020

Section 12A (1) a/aa/ab provides new registration of trust where a trust or an institution has granted registration. However, afterward, it has adopted or undertaken alterations of the objects which do not conform to the state of affairs of registration. As we all know, the existing Form No. 10A has exchanged by the Central Board […]

TDS Provisions & Restrictions: Disallowance of Section 40(a) (ia) and 40a (3)

TDS means Tax Deducted at Source – “Collection of tax at the source from where an individual’s income has originated.” The government practices TDS as an instrument to collect tax to minimize tax evasion by taxing (partially or wholly) the income at the time created. TDS is pertinent to the numerous incomes such as salaries, interest […]

Paid Donations: Guide on Tax Treatment for Charitable Purpose

A charitable donation is a commonly known fact that an individual or an organization offers to a non-profit institution, charity or private organizations. The charitable donations are usually in the form of cash; however, they can also get the receipts in the form of real estate, motor vehicles, appreciated securities, or other assets or services. […]

Trustee Salary & Taxability: Guide on Reasonable Compensation

Do you think a trustee can take salary or compensation as monthly or installed remuneration from the Trust? It stands as the most common question inquired by people all over the globe who wants to set up a charitable trust. At the outset, it is essential to know that running a trust is not a […]

Investment by Trust & Compliance U/s 11(5)

It is well-known that establishing trust is a method of passing on any wealth or assets that you may own. It will essentially bypass your state’s probate process, which is consisting of assets accumulated by the grantor of the trust. These instruments are then managed by a third party (the trustee) for the recipient. Trusts […]

Business Income & Taxation of Charitable Institution U/s 11(4) and 11(4A): In-depth with Case-Laws

There is no prevention on a charitable trust carrying on any business, where business is a concern that can be held as property under trust. Even a legitimate claim can be made to uncertain business income not to get involved in the application of such receiving income. However, the Assessing Officer shall have the power […]

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