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Contributions to Patanjali Research Foundation to be eligible for I-T relief
The Central Board of Direct Taxes (CBDT) has notified Patanjali Research Foundation Trust as a ‘research association’ for scientific research, implying donations to the Trust will be eligible for income tax deduction.
The CBDT has granted the status under Section 35(1)(ii) of the Income-tax Act for five years with effect from financial year 2021-22. Section 35 of the Income-tax Act provides for deduction of expenditure of an amount equal to one-and-one-half times of any sum paid to a research association which has as its object the undertaking of scientific research or to a university, college or other institution to be used for scientific research.
A business entity that pays any amount to the Trust for scientific research shall be eligible to claim the expense as deduction from business income under Section 35, thereby reducing their tax outgo. A taxpayer is permitted to deduct any amount paid to an ‘approved scientific research association’ for undertaking scientific research in computing the income under the head of business and profession.
The previously notified status under Section 35 (1) was granted to Bennett University, Greater Noida, Uttar Pradesh under the category of ‘University, College or other institution’ for Scientific Research and Research in Social Science and Statistical Research on March 9, 2021. Before that, in the last one year, similar notified status was granted to Institute of Pesticide Formulation Technology, Gurgaon, on January 28, 2020 and to Indian Institute of Technology (Indian School of Mines), Dhanbad on January 3, 2020.
Neha Malhotra, director, Nangia Andersen LLP, said such provisions serve as tax incentives for spending on scientific research. “Tax breaks in the form of deduction of expenses incurred for specified purposes channelises the funds of the taxpayers in the desired area of investment, that is scientific research in this case. Such provisions serve as a tax incentive for the taxpayer spending on scientific research and source of funds for the research association.”
News Source : Business Line
Haryana
Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024
Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.
The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.
Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.
With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.
The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.
Weather and AQI predictions in Delhi for next 7 days:
Date Temperature Sky October 23, 2024 32.93 °C Sky is clear October 24, 2024 32.69 °C Sky is clear October 25, 2024 32.5 °C Sky is clear October 26, 2024 32.07 °C Sky is clear October 27, 2024 30.69 °C Sky is clear October 28, 2024 31.29 °C Sky is clear October 29, 2024 32.09 °C Sky is clear
Weather in other cities on October 22, 2024
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