Patanjali Research Foundation Trust gets five-year tax exemption
Patanjali Research Foundation Trust has been granted a five-year tax exemption by the income tax department by recognising it as a ‘research association’. Tax experts said they would be able to claim tax benefit for any sum invested for scientific research.
“The central government hereby approves Patanjali Research Foundation Trust, Haridwar under the category ‘Research Association’ for Scientific Research,” a notification dated July 12, issued by the CBDT, said.
The notification will apply from the date of publication in the Official Gazette (i.e from the previous year 2021-22) and shall be applicable for assessment years 2022-23 to 2027-28, it said.
Neha Malhotra, director, Nangia Andersen LLP, said: “In computing the income under head business and profession, a taxpayer is permitted to deduct any amount paid to an ‘approved scientific research association’ for undertaking scientific research. A business entity that pays any amount to the Patanjali for scientific research shall be eligible to claim the said expense as deduction from business income under section 35 of the Income Tax Act.