Govt allows income tax exemption for Patanjali Research Foundation Trust
Govt allows income tax exemption for Patanjali Research Foundation Trust – The Income Tax Department has allowed five-year charge exclusion to Patanjali Research Foundation Trust by remembering it as a ‘research affiliation’.
“…the Central Government thus supports M/s Patanjali Research Foundation Trust, Haridwar (PAN:- AABTP8183E) under the class “Research Association” for Scientific Research for the reasons for provisos (ii) of sub-segment (1) of area 35 of the Income-charge Act, 1961 read with rules 5C and 5D of the Income-charge Rules, 1962,” the Central Board of Direct Taxes said in a notice dated July 12.
The notice will apply from the date of distribution in the Official Gazette (i.e from the earlier year 2021-2022) and appropriately will be material for evaluation years 2022-23 to 2027-28, it said.
Area 35 of the I-T Act manages derivations concerning use on logical exploration. It permits derivation for a sum equivalent to one and one half seasons of any total paid to an examination affiliation, which has as its item the endeavor of logical exploration or to a college, school or other organization to be utilized for logical examination.
While rule 5C of I-T rules gives rules, structure and way for endorsement under Section 35, rule 5D sets out the conditions subject to which endorsement is to be allowed to an examination affiliation.
According to Patanjali Research Institute’s site, yoga guru Ramdev and Patanjali executive Acharya Balkrishna perceived the more serious requirement for logical proof based exploration utilizing advance examination strategy for acknowledgment of Ayurveda around the world.
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