Income tax department extended tax deduction on patanjali Research trust for five years

Patanjali Research

Patanjali Research

The income tax department extended tax deductions for five years on the Patanjali research trust. The Patanjali group, which is the fastest-growing company producing consumer goods and products in the country. They sell herbal products which help in boosting immunity and tooth cleaners, toothpaste, and detergent. 

Baba Ramdev's Twitter as a platform and announced that Patanjali will be bigger than all multinational Unilever by 2025. He also said that it will be one of the fastest-growing companies and it will be the biggest natural and medicine-based company. On July 12, the central board of Directors' taxes notification said that Patanjali Research foundation trust is under the category of research association for scientific research for the purpose of clauses of Section 35 of the Income Tax Act 1961 read with rules 5C and 5D  if income tax rules, 1962. 

Patanjali has to ensure a research activity that they should maintain accounts and they have to submit the accounts to the income tax department. Any business company which pays an amount to the Research Foundation for the purpose of scientific research. They will be eligible for the deduction from business income to claim the same expense. 

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