The Income Tax Department has good news for Yoga Guru Ramdev’s Patanjali Research Foundation Trust. Donations to Patanjali Research Foundation Trust will be tax deductible for the next 5 years. This information was provided by the Central Direct Tax Board (CBDT) notification. The decision is expected to increase donations to Ramdev’s Patanjali research.
What’s in the notification: Companies donating money to the Patanjali Research Foundation Trust will be tax deductible from 2021-22 to 2026-27, the CBDT notification said. The CBDT is authorized by the Central Government to include the Patanjali Research Foundation Trust of Haridwar in the ‘Research Association’ category for scientific research under clause (2) of subsection (1) of the Income Tax Act, 1961. The assessment year 2022-23 to 2027-28 Relaxation applies.
Let us tell you that under the Income Tax Rules, the amount granted to the ‘approved scientific research association’ for scientific research is allowed to be excluded from the tax jurisdiction.
Babanu Ramdev-led Patanjali Group’s turnover crosses Rs 30 crore, Ruchi Soya aims to clear debt in 3 to 4 years
About 30 Thousand Crore Business: Patanjali Group, which sells products ranging from toothpaste to flour and noodles, is one of the fastest growing companies in the country for everyday use. The company’s turnover in the financial year 2020-21 is estimated to be around Rs 30,000 crore. This includes Rs 16,318 crore by Ruchi Soya. Taste Soy was acquired by Patanjali Group in 2019.