The Income Tax Department has granted five-year tax exemption to Patanjali Research Foundation Trust by recognising it as a 'research association'.
"...the Central Government hereby approves M/s Patanjali Research Foundation Trust, Haridwar (PAN:- AABTP8183E) 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," the Central Board of Direct Taxes said in a notification dated July 12.
The notification will apply from the date of publication in the Official Gazette (i.e from the previous year 2021-2022) and accordingly shall be applicable for assessment years 2022-23 to 2027-28, it said.
Section 35 of the I-T Act deals with deductions with respect to expenditure on scientific research. It allows deduction for an amount equal to one and one half times of any sum paid to a research association, which has as its object the undertaking of scientific research or to a university, college or other institution to be used for scientific research.
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While rule 5C of I-T rules provides guidelines, form and manner for approval under Section 35, rule 5D lays down the conditions subject to which approval is to be granted to a research association.
As per Patanjali Research Institute's website, yoga guru Ramdev and Patanjali chairman Acharya Balkrishna recognised the higher need for scientific evidence-based research using advance research methodology for acceptance of Ayurveda world-wide.
"For accomplishing this mission Patanjali Research Foundation Trust has invested significantly in Patanjali Research Institute to create a world class Research Institute, backed up with advanced scientific technology and highly qualified scientists team," it said.
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