Government's Decision: Income Tax For Those Who Donate To The Ram Mandir Trust Will Be Waived Off - Timespro News

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Saturday, May 9, 2020

Government's Decision: Income Tax For Those Who Donate To The Ram Mandir Trust Will Be Waived Off

Government's Decision: Income Tax For Those Who Donate To The Ram Mandir Trust Will Be Waived Off
Those who donated to the Ram Janmabhoomi pilgrimage site built in Ayodhya will now be exempted from income tax under Section 40G of the Income Tax Act from the financial year 2020-21. The trust was established on February 5. The Central Board of Direct Affairs issued a notice in this regard on Friday.

According to the statement, the birthplace of Shri Ram Janmabhoomi is a historically important place in the pilgrimage area and a popular place of worship. Under section (b) of sub-section (2) of section 40G of the Income Tax Act, those who donate to a trust engaged in its creation can be given a discount of up to 50 per cent. The trust's income will be waived in accordance with sections 11 and 12 of the Income Tax Act, just like any other religious trust. However, under Section 40G, there is no provision for income tax exemption for all religious trusts. A donor or religious trust must first apply for registration for income tax exemptions under sections 11 and 12, after which the donors are exempted from the donor under section 40G.


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Earlier, in 2014, the central government had inaugurated the Arulmigu Kapaleshwar Thirukoel in Mayalapur, Chennai, the Sri Srinivasa Perumal Temple in Kotibakkam and the Sri Ram and Ramdas Swami Samadhi and Ramdas Swami Math in Sajangar, Maharashtra. In addition, those who donated to Shri Harmananda Sahi, the Gurdwara of Amritsar, Punjab, were also exempted from income tax. On November 7, 2017, the Supreme Court ruled in the Ram Janmabhoomi case. The court said the Ram temple would be built in the disputed area and the government had ordered the provision of five acres of land for the construction of the mosque.



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