Contributors to the Trust may claim tax deductions for five years, starting from the financial year 2021-’22 as the central board granted the status of “Research Association” under Section 35(1)(ii) of the Income-tax Act on Monday. The Central Board of Direct Taxes has announced a five-year extension on tax deductions on donations to yoga guru Ramdev’s Patanjali Research Foundation Trust, thereby exempting donations made to the trust from income tax.
Contributors to the Trust may claim tax deductions for five years, starting from the financial year 2021-’22 as the central board granted the status of “Research Association” under Section 35(1)(ii) of the Income tax Act on Monday.
The notification would be applicable on donations made during 2021-2022 to 2026-27 and businesses can claim tax deduction for the same period. "In exercise of the powers conferred by clauses (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with rules 5C and 5D of the Income-tax Rules, 1962, 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 read with rules 5C and 5D of the Income-tax Rules, 1962," said the notification of the Central Board of Direct Taxes.
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