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Ordinance issued to make PM CARES donations tax free

Ordinance issued to make PM CARES donations tax free

The government has issued an ordinance to give effect to the relaxation in several compliances including extension in last dates to June 30 for making investments in instruments such as National Savings Certificates, Public Provident Fund for claiming income tax benefits. Income tax Act, Benami Act are being sought to be amended via the ordinance - Taxation and Other LAws(Relaxation of Certain Provisions) Ordinance, 2020.

The ordinance also seeks to amend the Income Tax Act to enable 100% deduction to donations made to the PM's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund, set up to enable citizens to contribute to government’s containment efforts against the Covid-19 outbreak.

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