Patanjali Research Foundation Trust associated with yoga guru Ramdev has been given tax exemption for five years. That is, now the donor can get tax exemption in exchange for the donation given to this institution. This exemption was also given earlier, which has now been extended for five years.
Such exemption is given to any university, college or institution engaged in scientific research for scientific research. This means that if any person or organization donates something to the Patanjali Research Foundation Trust, then he can deduct the amount equal to this donation from his taxable income. His taxable income will decrease accordingly.
Patanjali Research Institute was established by Patanjali Research Foundation Trust, which was inaugurated by Prime Minister Narendra Modi in May 2017.
The Central Board of Direct Taxes (CBDT), affiliated to the Income Tax Department, issued a notification on Tuesday saying, ‘The Central Government has issued a notification for scientific research under the object of clause (ii) of sub-section (1) of section 35 of the Income Tax 1961. M/s Patanjali Research Foundation Trust, Haridwar has been approved under the category of ‘Association’.
It has been said in the notification that it will be applicable from the date of publication of official gazette and will be applicable from assessment year 2022-23 to 2027-28.
However, there are many conditions attached to this exemption. Patanjali will have to ensure that the ‘research activity will be conducted by Patanjali itself. It will have to maintain it’s bookkeeping and submit it to the Income Tax Department after getting it audited by legally certified accountants.
A separate complete statement will have to be given about the donation received by the group on how much donation was received and how much money was spent on research.