The Income Tax Department has notified five years exemption for Patanjali Research Foundation Trust, based in Haridwar (Uttarakhand).
“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,” a notification dated July 12, issued by the Central Board of Direct Taxes (CBDT), said.
It will apply with effect from the date of publication in the Official Gazette (i.e from the previous year 2021-22) and accordingly shall be applicable for Assessment Year(s) 2022-23 to 2027-28.
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Research activities
Section 35 of the Income Tax Act allows deduction of expenditure “an amount equal to one-and-one- half times of any sum paid to a research association which has as its…