Archita Bhattacharjee

About Archita Bhattacharjee

Archita Bhattacharjee is working as Legal Analyst (Team Lead, Research & Development) at Corpbiz and has proving experience about 2 years as Corporate Legal Researcher in law firms as well as Rajya Sabha and authors in diverse publications. She has refined her skills by representing India in Paris, France and the University of Leiden over implications of International Humanitarian and Criminal Law being certified member of many Legal Centers.

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 […]

Accounting and Tax Treatment of Inter-NGO (Trust/Society/Company) donation

Tax accounting is an arrangement that focuses on tax appearances on financial statements. It is governed by the Internal Income Codifications of any NGO which commands the specific rules that the NGO must follow at times of formulating their tax returns. Donations made by a charitable institution to any other NGO listed under section 12AA, that […]

Capital Gains of Charitable Institution – Section 11(1A) of IT Act

Capital gains tax of Charitable Institutions is a charge assessed on the difference between the ‘sale price’ of the asset and its ‘original purchase’ price. This context also speaks firmly on the Long-term capital gain tax, which is a levy on the profits from the ‘sale of assets’ held for more than one year. According […]

Application & Accumulation of Income by Trust: Case Laws

According to the applicability of Income Tax Act regimes, assessee is allowed to accumulate up to 15% of the income received during the year for application of trust purposes in India. If in cases where the assessee tries to accumulate/set apart the income in extension to 15% of the revenue, he can do so if […]

Accounting Treatment of Charitable Institutions under Microfinance

The Accounting Standards apply to NGOs, even if some of their activities are not so commercial or of business nature. Moreover, the facts say that there are various NGOs as Microfinance that lacks in commercial content in their daily activities. However, it would be reasonable to follow the Accounting Standards laid down by the Institute […]

Trust is allowed for registration U/s 12AA even if it’s activity has not commenced yet: ITAT 2020

Recently, the Income Tax Appellate Tribunal (ITAT) apprehended that any registration ‘under section 12AA’ of the Income-tax Act, 1961, cannot get rejected on the ground that trust hasn’t commenced its anticipated activities as yet. What is the Provisional Interpretation made under the caption12AA of ITAT Pronouncements 2020? Section 12AA:- It says that registration can get […]

Setting off Excess Expenditure against Income of next year by Trust and NGO

At the very beginning, legal platforms are of the opinion that, in case of a charitable or religious institution, they can set off excess expenditure of one year on the income of another year. It is the application of income under section 11 of the Income-Tax Act, 1961[1].  There is a close consensus between the […]

Application of Income Conditional Precedent as to section 11 Exemption

On an essential note of taxation, any person earning income must pay taxes, which is generally known as Income Tax. Nevertheless, the Income Tax Act has provided incomes to be exempt from. Income of charitable trusts/NGO gets exempt, for which the reasoning behind has already deliberated in the previous Blogs.  What are the classifications of exemptions […]

By-Laws of Society Registration: A Comprehensive Guide

The terms of “society” was initiated to fulfill the requirement of an institution of non-commercial prospect for promotion of numerous charitable activities such as education, art, religion, culture, music and sport, development, relief mechanisms, etc. Therefore, the Associations, clubs, or societies get created to provide help and upheld these causes since they work on a […]

Taxability for Co-operative Societies: A Complete Outlook on Annual Returns

An annual return is a legal document that contains details of a Society’s shares, members of the Society, changes in memberships, all the governance resolutions etc. Usually, people assumed that the Income of small societies is not taxable; therefore, there is no requirement to file Income Tax return. Well, this assumption is no more correct, […]

Medical Relief under Income Tax: An Updated Overview

A significant amount of medical consciousness has been expanded and gained a remarkable drive in the past couple of years. The original question that got inspected in this context is whether charitable institutions involved in such medical reliefs would be permitted to tax benefits under the Income Tax Act 1961. In the present scenario, The Income […]

Guide on Section 2(15) of the Income Tax Act and its Impact – Get the Complete Outlook!

Are you concerned with the Standards of your Non-Profit Organization? Okay, let us look upon at most important section 2(15) of the Income Tax Act 1961. Considerably, it defines – the charitable purpose for NGOs. Irrespective of your current location, be it in Maharashtra or Gujarat or Delhi or Assam or anywhere in the Republic […]