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TRUST FOR AYODHYA TEMPLE GETS SPECIAL INCOME TAX EXEMPTION

Courtesy/By: NAINA GUPTA | 2020-05-14 08:38     Views : 175

TRUST FOR AYODHYA TEMPLE GETS SPECIAL INCOME TAX EXEMPTION

Donars contributing to the Shri Ram Janmabhoomi Tirath kshertra, set up in february 5 this year, to buid a temple in Ayodhya, will be granted tax exemption under section 80G of the Income-tax Act from financial year 2020-21.In a notification on Friday, the Central Board of Direct Taxes notified the Shri Ram Janambhoomi Tirath kshertra as "a place of  historic importance and a place of public worship of reown under clause(b) of sub section (2) of section 80 G of the Income Tax Act and granted deduction to the extent of 50% to those who make donations to the Trust.The income of the Trust would already be exempt under section 11 and 12 of the Income Tax Act like other notified religious trusts.

The exemption under section 80 G is not available to all religious trusts.A charitable of religious trust A  charitable or religious trust has to first apply for registration for income tax exemption under section 11 and 12, following which the exemption under section 80 G is granted to the donars.Before this the Central government had in 2017 notified.Arulmigu kapaleeswar Thirukoil in Mylapore, chennai,Ariyakuli Sri srinivasa Perumal Temple in Kottiuakkam Chennai and Shri Ram and Ramdas Swami Samadhi Temple(Mandir) and Ramdas Swami Math in Sajjangad  Maharastra as places of historic importance and places of public worship and allowed for deductions under section 80 G Donations to other religious places such as Gudwara Sri Harmanmdir Sahib,Amritsar are also exempt under section 80G of the Income Tax Act.

Section 80 G of the Income -tax Act allows donations made to specified relief funds and charitable institutions as a deduction from gross total income before arriving at taxable income.Clause(b) of sub section(2) of section80 G of Income-tax Act provides for tax exemption for"any sums paid by the assessee in the previous year as donations for the renovation of repair of any such temple,mosque,gurdwara,church or other place as is notified by the Central government in the official gazette to be of historic, archaeological or artistic importance or to be a place worship of reown  throughout any state or states.

Courtesy/By: NAINA GUPTA | 2020-05-14 08:38