Donations to Ramdev's Patanjali Trust to Be Tax-Deductible for 5 Years
This has come as Patanjali Research Foundation Trust has been notified as an approved research association.
The Central Board of Direct Taxes (CBDT) has granted a 5-year tax exemption period on donations made to Ramdev's Patanjali Research Foundation Trust.
As per a CBDT notification, all businesses making donation to the Trust during 2021-22 to 2026-27 can claim a tax deduction on such contributions.
It stated, "... the Central Government hereby approves M/s Patanjali Research Foundation Trust, Haridwar under the category "Research Association" for Scientific Research for the purposes of clauses (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961."
The applicability of the notification will stand for Assessment Year(s) 2022-23 to 2027-28.
A per Section 35 of the Income Tax Act, a business firm paying any amount for scientific research to an 'approved research association' shall be eligible to claim the said amount as a deduction from its income, reducing the tax to be paid.
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