The financial progress observed in Patanjali is quite impressive since its beginning, especially from past couple of years. The government’s support, people’s opinions and the lenience towards the natural ingredients are collectively heading people to proceed with Patanjali.
Several people already said that Baba Ramdev is, trying to get hold of the market with some unchained tactics. Despite the various opinions and allegations right now there’s nothing that could stop Patanjali. The depiction of Patanjali into the heritage and yoga prospectives lead its journey towards becoming tax-free.
Patanjali Yogpeeth’s appeal in regarding consideration of the firm to place itself in Yoga stream is now accepted by Income-tax Appellate Tribunal (ITAT) and under sections 11 and 12 of the Income Tax Act, the tax exemption is granted, this will be implemented from April 1st, 2016.
Describing the details of the tax exemption, the ITAT stated that Yoga provides medical relief and camps impart education. ‘Imparting Education’ and ‘Medical Relief’ are works that imply with the terms of charitable work and those are the accurate reasons.
In recent days, Patanjali, however, faced a lot of criticism through the latest videos on social media, it is shown in the videos that the products are basically non-herbal and not as much good as that was shown in the media.
in addition to this, the IT department also ignored the tax on Corpus donations which altogether summed up around Rs 43.98 Crores. Those corpus donations included lands worth over Rs 65 lakh.
Justifying its take on tax exemption regarding this, the IT department released a statement that read:
“Corpus donations are not taxable, even in circumstances where the trust is not eligible for I-T exemption”.
Similar things are happening with Baba Ji’s close mate Acharya Balakrishnan. According to the sources, the I-T department deleted the details of Rs 96 lakh that were added for services made by the trust to Vedic Broadcasting in which Acharya Balakrishnan held a significant interest.
Despite this ambiguous deeds, the I-T department later labelled the amount that was left uncovered in receipts was as ‘Donations from anonymous people’ or ‘provision of benefits to certain persons’accepted all the receipts stated by the trust. No further cross-checking was done on any of the documents and receipts.