The CBDT said in the notification that companies which donate money to the Ramdev Baba’s Patanjali Research Foundation Trust during 2021-22 to 2026-27 can claim tax exemption on it.
The Income Tax Department on Tuesday issued a notification for Yogaguru Ramdev’s Patanjali Research Foundation Trust. Now for the next 5 years, the amount that will be donated to Patanjali Research Foundation Trust will get tax exemption. This information has been given by the Central Board of Direct Taxes (CBDT) through notification. This decision is expected to increase Ramdev’s donation to Patanjali Research.
The CBDT said in the notification that companies which donate money to the Patanjali Research Foundation Trust during 2021-22 to 2026-27 can claim tax exemption on it. The CBDT stated, “The Central Government would have approved the placing of M/s Patanjali Research Foundation Trust, Haridwar in the category of ‘Research Association’ for scientific research under sub-section (1) of sub-section (1) of the Income-tax Act, 1961. This exemption will be applicable for the assessment year 2022-23 to 2027-28.
Under the Income Tax Rules, the amount given to the ‘Approved Scientific Research Association’ for scientific research is allowed to be kept out of the scope of tax.
The Patanjali Group, which sells products ranging from toothpaste to flour and noodles, is one of the fastest growing companies in the country. The company’s turnover in the financial year 2020-21 was around Rs 30,000 crore. This includes a turnover of Rs 16,318 crore from Ruchi Soya. In the year 2019, Patanjali Group had acquired Ruchi Soya.
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