Tag: PM-CARES

The donations made under newly-formed Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES FUND) to provide assistance to the persons affected by the COVID-19 outbreak, are made eligible for 100% deduction under section 80G of the Income Tax (IT) Act, 1961. For this, the provisions of the IT Act are amended through the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020which has also made the tax features of PM-CARES Fund at par with Prime Minister National Relief Fund (PMNRF). It should be noted that the date for claiming deduction under section 80G of IT Act has been extended up to June 30, 2020, so the donation made up to that date will be eligible for deduction from income of FY 2019-20. Also, individuals and corporates paying concessional tax on the income of FY 2020-21 under the new regime can make a donation to the PM CARES Fund up to June 30 and can claim deduction against income of FY 2019-20.

Prime Minister Narendra Modi has created of assistance and emergency situation relief fund namely Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES) where people can contribute and help in the government’s fight against coronavirus. This newly created public charitable trust has PM Narendra Modi as the chairmananddefence minister (Rajnath Singh), home minister (Amit Shah) and the finance minister (Nirmala Sitaraman) as its members.