{"id":7997,"date":"2020-05-06T16:33:33","date_gmt":"2020-05-06T11:03:33","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=7997"},"modified":"2020-12-18T14:44:59","modified_gmt":"2020-12-18T09:14:59","slug":"setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/","title":{"rendered":"Setting off Excess Expenditure against Income of next year by Trust and NGO"},"content":{"rendered":"\n<p class=\"has-drop-cap\"> At the very beginning, legal platforms are of the opinion that, in case of a charitable or religious institution, they can <strong>set off excess expenditure<\/strong> of one year on the income of another year. It is the application of income under <strong>section 11 of the Income-Tax Act, 1961<\/strong><sup><a href=\"https:\/\/www.incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102120000000100000&amp;searchFilter=[%7B%22CrawledPropertyKey%22:1,%22Value%22:%22Act%22,%22SearchOperand%22:2%7D,%7B%22CrawledPropertyKey%22:0,%22Value%22:%22Income-tax%20Act,%201961%22,%22SearchOperand%22:2%7D,%7B%22CrawledPropertyKey%22:29,%22Value%22:%222019%22,%22SearchOperand%22:2%7D]&amp;k=&amp;IsDlg=0\"><strong>[1]<\/strong><\/a><\/sup>.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-24.png\" alt=\"application of income under section 11 of the Income-Tax Act\" class=\"wp-image-7998\" width=\"504\" height=\"451\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-24.png 618w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-24-300x269.png 300w\" sizes=\"(max-width: 504px) 100vw, 504px\" \/><\/figure><\/div>\n\n\n\n<p>There\nis a close consensus between the judicial panels that when the <strong>trust spends more than the income<\/strong>\ngenerated in a single year, the excess expenditure may be <strong>carried ahead<\/strong> and set off against the incomes of later or following\nyears. In support of the view described above, the critical judgments of the <strong>High Courts as other Benches<\/strong> of the\nTribunal are discussed as follows: <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#The_income_of_the_trust_has_to_appear_at_having_due_consideration_to_commercial_principles\" >The income of the trust has to\nappear at having due consideration to commercial principles<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#The_trust_is_entitled_to_set-off_the_amount_of_excess_utilization_of_income_of_the_last_year_against_the_insufficiency_of_the_present_year\" >The trust is entitled to set-off\nthe amount of excess utilization of income of the last year against the\ninsufficiency of the present year.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#Charitable_Trust_under_section_11_should_adjust_the_application_of_income_for_Subsequent_Years\" >Charitable Trust under section 11 should adjust the application of income for Subsequent Years.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#No_words_of_limitation_explaining_on_the_rising_of_income_applied_for_CharitableReligious_Purpose\" >No words of limitation explaining\non the rising of income applied for Charitable\/Religious Purpose.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#The_deficit_of_the_current_year_can_get_adjusted_against_the_income_of_the_following_year\" >The deficit of the current year\ncan get adjusted against the income of the following year.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#Trust_property_computed_on_commercial_principles_would_get_excluded_from_the_income_of_the_trust_under_section_111a\" >Trust property computed on\ncommercial principles would get excluded from the income of the trust under\nsection 11(1)(a)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#Claim_on_the_depreciation_of_assets_and_carry_forward_of_Expenditure_by_TrustsNGOs\" >Claim on the depreciation of assets and carry forward of Expenditure by Trusts\/NGOs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#Rationale_of_the_Abstracts\" >Rationale of the Abstracts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/setting-off-excess-expenditure-against-income-of-next-year-by-trust-and-ngo\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_income_of_the_trust_has_to_appear_at_having_due_consideration_to_commercial_principles\"><\/span>The income of the trust has to\nappear at having due consideration to commercial principles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Case:- GovinduNaicker Estate\nVs. ADIT [2001] 248 ITR 368 (Mad) : 167 CTR 303 (Mad)<\/strong><\/p>\n\n\n\n<ul><li>At the very source, it held in this case that the income of the trust has to appear having due consideration to commercial systems. With this, the object of the charitable trust can only accomplish by incurring and bear expenditure<strong>;<\/strong> therefore, the <a href=\"https:\/\/corpbiz.io\/trust-registration\"><strong>trust<\/strong><\/a> should have the minimum of its income.\u00a0 <\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-25.png\" alt=\"object of the charitable trust\" class=\"wp-image-7999\" width=\"517\" height=\"331\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-25.png 613w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-25-300x192.png 300w\" sizes=\"(max-width: 517px) 100vw, 517px\" \/><\/figure><\/div>\n\n\n\n<ul><li>As long as the cost is on <strong>religious or charitable purposes, <\/strong>the\nexpenditure incurred by the trust would <strong>not\nbe liable to tax charges<\/strong>.&nbsp; If the\ncost incurred in a previous year gets set off against the income of a later\nyear, it has to believe that the trust had <strong>acquired\nexpenditure on a religious and charitable purpose<\/strong> from the income of the following\nyear. <\/li><\/ul>\n\n\n\n<ul><li>However, if the <strong>actual spending<\/strong> was in the earlier\nyears and had been set-off against the income of the following year, the\nexpense that can be so adjusted can only be an expense on religious and\ncharitable purposes and in <strong>no additional\nways<\/strong>. It was held in a case by the <strong>Madras\nHigh Court<\/strong>, that expenditure acquired by a trust on charitable or religious\npurposes in preceding years could settle against the income of the subsequent\nyear, \u2018<strong>irrespective of the source of\nincome\u2019<\/strong> under which it has acquired.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_trust_is_entitled_to_set-off_the_amount_of_excess_utilization_of_income_of_the_last_year_against_the_insufficiency_of_the_present_year\"><\/span>The trust is entitled to set-off\nthe amount of excess utilization of income of the last year against the\ninsufficiency of the present year.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Case: &#8211; <\/strong>CIT\nVs.Matriseva Trust [2000] 242 ITR 20 (Mad) : 158 CTR 433 (Mad)<\/p>\n\n\n\n<p>It held in this case that the assessee (trust) was<strong> allowed to set-off the amount<\/strong> of excess utilization of income of the last year upon the <strong>deficiency of the present year<\/strong>. With this, the Madras High Court has followed the judgments of the High Court of Rajasthan and Gujarat in the following cases:<\/p>\n\n\n\n<p><strong>CIT\nVs. Maharana of Mewar Charitable Foundation [1987] 164 ITR439 (Raj): 60 CTR 40\n(Raj)&nbsp;<\/strong><\/p>\n\n\n\n<p>The wording of this case says that\nwhere a trust acquires excess expenditure in a year, set-off of such excess\nagainst following year\u2019s income is an application under section 11(1)(a) of the\nAct.&nbsp;<\/p>\n\n\n\n<p><strong>CIT\nVs. Shri Plot SwetamberMurtiPujak Jain Mandal- [1995] 211 ITR 293 (Guj) :\n[1994] 119 CTR 144 (Guj)&nbsp;<\/strong><\/p>\n\n\n\n<p>The wording of this case regards to the benevolent provisions contained in section 11 and commercial principles. As a result of this, the deficit arising out of expenses acquired by assessee trust for charitable and religious purposes over income derived from trust property for the applicable year can be set-off against the excess of income in the succeeding year.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Charitable_Trust_under_section_11_should_adjust_the_application_of_income_for_Subsequent_Years\"><\/span>Charitable Trust under section 11 should adjust the application of income for Subsequent Years.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Case: &#8211; CIT vs. Institute of\nBanking [2003] 264 ITR 110 (Bom): 185 CTR 492 (Bom)<\/strong><\/p>\n\n\n\n<ul><li>The wording of this case says\nthat in case of a charitable trust whose income <strong>excluded under section 11<\/strong>, excess of an expense in the earlier\nyears <strong>can get balanced up<\/strong> against\nincome of subsequent years. Therefore, such an arrangement would be the\napplication of <strong>income for the following\nyears<\/strong>. <\/li><\/ul>\n\n\n\n<ul><li><strong>Argument:\n<\/strong>In the case mentioned above, the Assessing\nOfficer did not allow to carry forward of excess of expense to be set-off upon\nthe surplus of the following years. It gets deliberated on the ground that\ntheir income was assessable under <strong>&#8216;self-contained\ncode&#8217;<\/strong> specified in <strong>section 11<\/strong> to\n<strong>section 13<\/strong> of the Act. Moreover, it\nwas the income of the charitable trust. It was not assessable under the <strong>&#8216;Profits and gains of business<\/strong>&#8216; under <strong>section 28 <\/strong>to carry forward losses. <\/li><\/ul>\n\n\n\n<ul><li><strong>Contentions:\n&#8211; <\/strong>It got further contested by the Income Tax\nDepartment that in the case of a charitable trust, there was no stipulation for\ncarry forward the excess of the expense of earlier years to get balanced\nagainst the income of succeeding years. <\/li><\/ul>\n\n\n\n<ul><li><strong>Final Sayings: &#8211;<\/strong> It was held by the High Court that there was no merit in the argument described above of the Department. It says that the judgment of the Gujarat High Court supports the view above in the case of <strong>CIT Vs. Shri Plot Swetamber Murti Pujak Jain Mandal &#8211; [1995] 211 ITR 293 (Guj).<\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"No_words_of_limitation_explaining_on_the_rising_of_income_applied_for_CharitableReligious_Purpose\"><\/span>No words of limitation explaining\non the rising of income applied for Charitable\/Religious Purpose.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Case:- CIT Vs.Maharana of\nMewar Charitable Foundation [1987] 164 ITR 439 (Raj) : 60 CTR 40 (Raj)<\/strong><\/p>\n\n\n\n<p>The initial wordings of the case says that, where the trust incurs excess expenditure in a year set-off of <strong>such excess against following year\u2019s<\/strong> income, it is an application for purposes of <strong>section 11(1)(a) of the Act<\/strong>. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-26.png\" alt=\"limitation Explaining on the rising of income \" class=\"wp-image-8000\" width=\"497\" height=\"393\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-26.png 694w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-26-300x238.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/div>\n\n\n\n<p>Moreover, it held that there are <strong>no words of limitation in section 11<\/strong>, describing that the income should have applied for charitable or religious objects only in the year in which the revenue had risen. Even if the expenses for charitable purposes have incurred in the earlier year, income can be said to have applied for charitable and religious purposes in which the costs incurred.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/application-of-income-conditional-precedent-as-to-section-11-exemption\/\">Application of Income Conditional Precedent as to section 11 Exemption\n<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_deficit_of_the_current_year_can_get_adjusted_against_the_income_of_the_following_year\"><\/span>The deficit of the current year\ncan get adjusted against the income of the following year.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Case: &#8211;<\/strong>DIT\nVs.Raghuvanshi Charitable Trust [2010] 44 DTR 223 (Del)<strong><\/strong><\/p>\n\n\n\n<p>The original wordings of the case say\nthat the <strong>deficit (excess of expenditure\nover income) of the current year<\/strong> can get settled against the income of the\nfollowing year. The same would amount to the <strong>application of income<\/strong> for charitable purposes in the subsequent\nyear, within the meaning of section 11(1)(a).&nbsp;<\/p>\n\n\n\n<p>In this judgment, dependency has\nordered on the following judgments:&nbsp;<\/p>\n\n\n\n<ul><li>CIT Vs.Shri Plot SwetamberMurtiPujak Jain Mandal- [1995] 211 ITR 293 (Guj) : [1994] 119 CTR 144 (Guj)&nbsp;<\/li><li>CIT Vs.Maharana of Mewar Charitable Foundation [1987] 164 ITR 439 (Raj) : 60 CTR 40 (Raj)&nbsp;<\/li><li>CIT Vs. Institute of Banking [2003] 264 ITR 110 (Bom) : 185 CTR 492 (Bom)&nbsp;<\/li><li>CIT VsM atriseva Trust [2000] 242 ITR 20 (Mad) : 158 CTR 433 (Mad)&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p>In this type of connection, it will be essential to report that in paragraph (9) of the judgment described above, <strong>five High Courts<\/strong> have <strong>interpreted the provision<\/strong> identically and similarly. The learned Counsel for the Revenue Department could not show any judgment where any other High Court has taken a contrary view. Thus, it is clear that on the issue under consideration, no High Court has taken a different look.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trust_property_computed_on_commercial_principles_would_get_excluded_from_the_income_of_the_trust_under_section_111a\"><\/span>Trust property computed on\ncommercial principles would get excluded from the income of the trust under\nsection 11(1)(a)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Case:- ITO Vs.&nbsp; Kaivalya Education Foundation (ITAT Mumbai)<\/strong><\/p>\n\n\n\n<ul><li>As a result of this case<strong>,&nbsp;<\/strong>assessee (trust) got entitled to claim excess expense over income being <strong>deficit to be taken forward<\/strong> for setting it off in the following years as income. Such income should get <strong>derived from trust property<\/strong> that had to get counted on commercial principles. <\/li><\/ul>\n\n\n\n<ul><li>If commercial principles\/policies get implemented, then adjustment of expenses acquired by the trust for charitable and religious purposes in earlier years against income received in subsequent years would be considered as an application of income in the following year. It will have regards to the provisions contained in section 11, and such <strong>modification would get eliminated<\/strong> from the income of the trust under section 11(1)(a).<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Claim_on_the_depreciation_of_assets_and_carry_forward_of_Expenditure_by_TrustsNGOs\"><\/span>Claim on the depreciation of assets and carry forward of Expenditure by Trusts\/NGOs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Case:<\/strong><strong>-Income Tax\nAppellate Tribunal, Delhi (ITAT)\nin DCIT(E) v. Smt<em>.&nbsp;<\/em>Angoori Devi Educational &amp; Cultural Society<\/strong><\/p>\n\n\n\n<p><em><strong>According to a recent judgment, two fundamental questions concerning the taxation of trusts have reviewed:<\/strong><\/em><\/p>\n\n\n\n<ul><li>Whether devaluation\/depreciation can get provided on assets that have acquired out of contributions collected, which were exempt from tax since the assumed expense have identified as application of income in the past years under &#8216;Section 11 of the Income Tax Act, 1961&#8217;;<\/li><li>Whether excess expense incurred by a trust in a previous assessment year could be permitted to set off against the income of the following year? Moreover, if the delay in filing the return, such carry forward can get disallowed under section 80 of the IT Act or not.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rationale_of_the_Abstracts\"><\/span>Rationale of the Abstracts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Only for the year\nof 2015-2016, charitable trusts can claim depreciation covering the assets,\neven where the value of the property got approved as application of income\nunder Section 11 of the Income Tax Act in the previous year. <\/li><li>By means of\ndisregarding the above statement, this benefit would not be available after the\nyear of 2015-16 after amendment in the law. Therefore, it is essential for such\ntrusts to <strong>assure careful usage of their\nfunds<\/strong> and not spend in income-generating assets unless such income also can\nbe applied for the charitable purpose.<\/li><li>As a result of\nthis, Section <strong>80 of the IT Act gets\napplicable for carry forward of losses<\/strong> for commercial organizations that\nwould not be suitable to deny this benefit to charitable foundations. It is a\nnotable relief, particularly to smaller charitable organizations that struggle\nto get their accounts settled before the due date of filing of returns.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Charitable organizations are entitled to carry forward excess expenditure in one year to the following years towards the application of income, even if there is a pause or delay in <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>filing the tax return<\/strong><\/a> in the year of inciting the excess of expenditure over income. By attending the case laws as mentioned above, the favor views that a trust is allowed to set off the excess expenditure contracted in earlier years against the income of a later year. Moreover, this blog is entirely for informational purposes, and it does not convey any expert advice &amp; preferences. We at <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz<\/strong><\/a> have legal consultants to help you with the process of setting of your expenses for your charitable reflections, ensuring the fruitful and timely fulfilment of your work.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/section-2-15-of-the-income-tax-act-and-its-impact\/\">Guide on Section 2(15) of the Income Tax Act and its Impact \u2013 Get the Complete Outlook!\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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].&nbsp; There is a close consensus between the [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":8024,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,324],"tags":[546],"acf":{"service_id":"10"},"authorName":"Archita Bhattacharjee","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/WhatsApp-Image-2020-03-18-at-11.26.19-AM-1.jpeg","authorDescription":"Archita Bhattacharjee is working as Legal Analyst (Team Lead, Research &amp; 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.","postViews":9165,"readingTime":7,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/7997"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=7997"}],"version-history":[{"count":18,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/7997\/revisions"}],"predecessor-version":[{"id":22320,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/7997\/revisions\/22320"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/8024"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=7997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=7997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=7997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}