Donation to PM CARES Fund to be fully exempted under section 80G of I-T Act
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Anyone contributing to PM CARES Fund (Prime Minister’s Citizen Assistance and Relief Emergency Situation Situations Fund) will get full benefit under the Income Tax Act.
This is part of ‘Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020’ which was promulgated on Tuesday. This ordinance was required to make new norms effective for ease of compliance related with Income Tax and GST (Goods & Services Tax). These changes were announced on March 24 in order to provide relief to income tax and GST assesses affected by COVID -19.
According to the ordinance, the provisions of the Income-tax Act has been amended to provide the same tax relief to PM CARES Fund as available to Prime Minister National Relief Fund. Therefore, “the donation made to the PM CARES Fund shall be eligible for 100% deduction under section 80G of the IT Act. Further, the limit on deduction of 10% of gross income shall also not be applicable for donation made to PM CARES Fund.”
As the date for claiming deduction under section 80G of the IT Act has been extended up to June 30, the donation made up to that date will also be eligible for deduction from income of FY 2019-20.
Hence, any person including corporate paying concessional tax on income of FY 2020-21 under new regime can make donation to PM CARES Fund up to June 30 and can claim deduction u/s 80G against income of FY 2019-20 and shall also not lose his eligibility to pay tax in concessional taxation regime for income of FY 2020-21 #casansaar (Source - PTI, The Hindu Business Iine)
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