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Insurance Article

Ramdev Baba must pay Rupees Five Hundred and Eighty mn as Income Tax!

May 21 2012

The IT department recently steered a "special audit'" of all trades connected to Ramdev and discovered that the sale of these medicines and various other ayurvedic mixtures are a profitable venture. Hence, these businesses should not be categorized under tax exemption business groups.

In a recent order, Yoga Guru Baba Ramdev has been strictly instructed to disburse Rs. 580mn towards taxes. The instructions have been sent directly from the Income Tax department over revenues from the trade of all his ayurvedic medications and concoctions because his trusts have already lost their income-tax exemption. This was confirmed by reports conducted by the media recently.

An IT notice has been prepared especially for the valuation year 2009-10, on Haridwar-based Patanjali Yogpeeth Trust. Separate notices have also been prepared for Divya Yoga Mandir Trust and Bharat Swabhiman Trust. These reports have hit hard on the income of `1.2bn. The citing sources have confirmed that the tax department has held selling of aurvedic medication as a commercial activity.

The trusts were excused from paying tax for the last 6 years under the provisions connecting to charitable organisations. The IT department conducted a "special audit" recently for all businesses associated to Ramdev. This has cleared the fact that the sale for these products is an out-and-out commercial venture. This Income Tax notice is known to be the latest development in an examination into alleged violations of foreign exchange straight against Ramdev's trusts.

This audit was conducted by the IT department soon after getting the monetary documents of reserves as well as transactions from numerous banks that run the trusts' financial records.

In the meantime, the Enforcement Directorate (ED) has identified a `70mn suspected infringement under the FEMA in the transmittals made by Ramdev's trusts and it is at present analysing brochures in this respect.


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