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Coronavirus Impact: Donation made to PM Cares Fund is liable for 100% Tax deduction under Section 80G
The date of making investments under section 80C, 80D and 80G has been extended to June 30th, 2020.
Any donation made to the PM CARES Fund shall be eligible for a 100% deduction under section 80G of the Income Tax Act. This amended added to the provisions of the Income Tax Act attracts the same tax treatment to the PM CARES Fund as available to the Prime Minister’s National Relief Fund.
As per the given statement of the Finance Ministry, the deduction limit is 10% of gross income shall also not be applicable for donation made to the PM CARES Fund. This special fund — ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ — has been set up for providing relief to the people affected by the coronavirus pandemic.
The date for making investment/payment for claiming the deduction has been extended to 30th, June 2020. The investment made to Chapter-VIA-B of the Income Tax Act, which includes section 80C (LIC, PPF, NSC, etc), 80D (mediclaim), 80G (donations). Therefore the payment/investment can be made till 30th June 2020 for claiming the deduction under the above-mentioned sections (for Financial Year 2019-20).
The government has displayed several measures to ease the compliance and regulatory burden on citizens and companies. IT Department extended the date for Aadhaar-PAN linking to June 30 from the earlier March 31, 2020.
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22 Apr
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