Dehradun: Direct Tax Council (CBDT) has provided 5-year tax exemption about donations made for Yoga Teacher Ramdev’s Patjali Research Foundation Trust.
According to notifications issued on Monday, business or individuals who contribute to trust in the period between the financial year (TA) 2021-22 to 2026-27 can claim tax reduction for their contributions.
The HariDwar-based foundation, which was founded in 2017, has been notified as a “research association” under the IT law, which means that every business that contributes to the foundation for the study will be eligible to claim tax reduction in the amount donated below.
35 of income tax laws.
This step triggered a debate on social media, with several users alleged that the time of release ahead of the election of the State Assembly could be an effort to facilitate infusion of funds in the organization which was considered close to the powerful dispensation.
Speaking with Toi, the CEO of Patanjali Acharya Balkishna rejected the allegations and said the trust was not “Gharana company” which supported political parties but an organization that worked for the health and welfare of the community in the country.
“The trust of our research foundation has 300 scientists and has published thousands of scientific research works related to Yoga and Ayurveda to date.
Who else is more appropriate than this exception, if not the Patanjali research foundation? This should have been done for a long time,” Balkrishna said.
A trust member said they had submitted a request for the release of around 1A years and half and approval had come now.
“At present, we don’t have many donors and most donations are made by trust members,” Balkrishna said.
He added that other than Yoga and Ayurveda, the research foundation now studied organic food, a way to improve soil health and reduce climate change.
A statement issued by Patanjali earlier this week said that the group had reached a turnover around Rs 30,000 Crore in 2020-21 and aimed to make it free debt in the next 3-4 years.