Rs 58 Crore IT Notice Slapped On Ramdev Trusts

Rs 58 Crore IT Notice Slapped On Ramdev TrustsYoga guru Baba Ramdev’s trusts have been sent notices to pay around Rs 58 crore in taxes over earnings from the sale of their ayurvedic medications.

The tax exemption to trusts controlled by Ramdev, who had defended the cause of black money in 2011, has apparently been cancelled.

As per reports, the Haridwar-based Patanjali Yogpeeth Trust, Divya Yoga Mandir Trust and Bharat Swabhiman Trust had made around 120 crore profit from “commercial actions” in the assessment year 2009-10.

The reports futher stated that the Income Tax division conducted a “special audit” of Baba’s trusts, which manage the production and marketing of medications in the Indian market as well as overseas.

Baba Ramdev’s trusts, which have enjoyed tax exclusion for the last 6 years period, have challenged the Income Tax department’s note.