Introduction: The recent notification under section 80G(2)(b) of the Income Tax Act 1961 has significant implications for Shree Ramanuj Kot Trust in Indore. Issued by the Ministry of Finance, this notification recognizes the importance of “Shree Ramanuj Kot Laxmi Venkatesh Mandir” and its management by the trust. Let’s delve deeper into the details and implications of this notification.
Detailed Analysis:
1. Legal Context: Section 80G(2)(b) of the Income Tax Act 1961 provides tax benefits for donations made to certain charitable institutions. The government’s notification specifies the eligibility criteria for such benefits.
2. Notification Content: The notification designates “Shree Ramanuj Kot Laxmi Venkatesh Mandir” as a place of historic importance and public worship under section 80G(2)(b). It’s managed by Shree Ramanuj Kot Trust, located in Indore, Madhya Pradesh.
3. Scope of Benefit: The notification outlines the scope of benefit limited to the renovation or repair expenses of the temple, amounting to Rs. 1,63,06,311/-. This implies that donations towards these activities will qualify for tax benefits under section 80G.
4. Validity Period: It’s crucial to note the validity period specified in the notification. The benefit will cease once the specified amount is collected or by March 31, 2029, whichever is earlier. This ensures transparency and accountability in utilizing the donations.
5. Implications for Donors: Donors intending to contribute to the renovation or repair of the temple can now avail tax benefits under section 80G. This notification encourages philanthropic activities while incentivizing contributions towards preserving cultural heritage.
Conclusion: The notification under section 80G(2)(b) for Shree Ramanuj Kot Trust in Indore signifies a significant recognition of the trust’s endeavors in preserving cultural heritage. It not only provides tax benefits for donors but also emphasizes the importance of supporting such initiatives. As the temple stands as a symbol of historic importance and public worship, this notification fosters community involvement in its restoration and upkeep.
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MINSTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)
Notification No. 40/2024-Income Tax | Dated: 23rd April, 2024
S.O. 1771(E).— In the exercise of the powers conferred by clause (b) of sub-section (2) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Shree Ramanuj Kot Laxmi Venkatesh Mandir” managed by Shree Ramanuj Kot Trust, Indore, Madhya Pradesh (PAN: AAATR0970L) to be place of historic importance and a place of public worship of renown throughout the state of Madhya Pradesh for the purposes of the said section.
The Notification will be valid only for the renovation or repair of the “Shree Ramanuj Kot Laxmi Venkatesh Mandir” to the extent of Rs. 1,63,06,311/-(Rupees One Crore Sixty Three Lakhs Six Thousand Three Hundred and Eleven only) and will cease to be effective after the said amount has been collected or on 31.03.2029, whichever is earlier.
[Notification No. 40/2024/ F. No. 176/2/2023-ITA-I]
VIKAS SINGH, Director
