New Delhi: An Ordinance has been promulgated granting more tax relief on donations made to the Prime Minister’s fund to fight back the Coronavirus crisis and to give effect to the recently announced extension of due dates for various statutory compliance requirements, finance ministry said on Tuesday.
An official statement from the ministry said that the Ordinance has amended the Income-tax Act to offer the same tax treatment to the Prime Minister’s ‘citizen assistance and relief in emergency situations’ (PM-CARES) fund that donations to the Prime Minister National Relief Fund gets.
Accordingly, donations to the PM-CARES fund can fully be deducted while computing the taxable income of the donor under section 80G of the Act, the ministry