The Government of India has clarified that any amount of donation made towards PM CARES Fund shall be exempted from tax obligations in the coming year if desired by the donor. It is also made clear that it is applicable only if a firm donated beyond their minimum CSR or Corporate Social Responsibility in the wake of Coronavirus in India.
According to the Income Tax Act, 1961, it has been mandated that any firm with a net worth of over 500 crore INR or having a net profit of nearly 5 crore INR or generating revenue of around 1000 crore INR is liable to spend 2% of the amount towards CSR. However, in the wake of Covid-19 pandemic crisis, any donation above the same amount has been exempted of taxation in the ensuing years.
Who donated to the PM CARES Fund?
The Prime Minister’s Citizen Assistance and Relief in Emergency Situation Fund PM CARES Fund or PM CARES Fund was started on 28th March 2020 to fight against the latest Coronavirus outbreak. Every citizen was requested to make a contribution to the fund, which shall be used for the treatment of patients against Covid-19 and in related activities.
Soon, people started donating based on their capabilities and in no time, Bollywood celebrities donation also started pouring in. Akshay Kumar donated Rs.25crore while Varun Dhawan extended Rs.30lakhs towards the fight against Coronavirus outbreak. Both were praised by the PM later via separate tweets. Karthik Aryan donated Rs.1crore, and Shilpa Shetty Rs.21lakhs.
Sabyasachi Mukherjee, the renowned designer in Bollywood also pledged an amount of Rs.1.5crore towards PM fund to fight against Coronavirus in India. Other Bollywood celebrities donation include Sara Ali Khan and Priyanka Chopra with their respective disclosed amount towards the fund. Prominent singers like Lata Mangeshkar and Badshah have extended Rs.25lakhs each.
How to donate In PM Cares Fund ?
To donate in PM Modi fund for Covid -19 use the following information.Beaware of fake id and UPI id ,do not pay if any message is not having the particular id.
The launch of PM CARES Fund has been a significant reliever in this distressing situation. As of now, the amount is likely to help in meeting the expenses towards purchasing PPE (personal protection equipment) for the front liners as well as in treating the victims of Covid-19.🔥175