Donations to Patanjali Research Foundation to get Income Tax Exemption

Donations to Patanjali Research Foundation to get Income Tax Exemption

Patanjali Research Foundation Trust, Haridwar, has been notified as the ‘approved research association’. The Income Tax Department has extended tax deductions on donations made to Patanjali Research Foundation Trust for five years.

According to a Central Board of Direct Taxes (CBDT) notification, businesses making donations to Patanjali Research Foundation Trust during 2021-22 to 2026-27 can claim tax deduction on such contributions.

Accordingly, a business entity that pays any amount to the Foundation for scientific research shall be eligible to claim the said expense as deduction from business income under section 35 of the Income Tax Act, thereby reducing their tax outgo.

The CGST zones and the Directorate General of GST Intelligence (DGGI) under the Central Board of Indirect Taxes and Customs (CBIC) have booked about 8000 cases involving fake ITC of over Rs 35000 crore during the financial year 2020-21. In this nationwide drive against unscrupulous entities, CBIC have detected more than 500 cases involving 1200 entities and arresting 24 persons during the current financial year. The number of arrests made by officers of CBIC is one of the highest in recent times. Further, the enforcement drive against the fake invoice fraudsters and other GST evaders is likely to intensify with an objective to catch and book unscrupulous elements engaged in illegal activities to defraud the government exchequer. Apart from cases of fake ITC the DGGI and other CGST formations have also detected GST evasion involving misclassification, undervaluation and clandestine supplies of goods and services. Click here for official press release: https://pib.gov.in/PressReleseDetail.aspx?PRID=1735095

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Knowledge Source:

Income Tax Refund of Rs 37,050 Crore Issued During Covid Lockdown

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