Gst, Income tax consultant & Accounting Advisor
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Coronavirus impact: Donation to PM CARES Fund eligible for 100% tax deduction
The date for making various investment/payment for claiming deduction under Chapter-VIA-B of the I-T Act, which includes section 80C (LIC, PPF, NSC, etc), 80D (mediclaim), 80G (donations), has been extended to June 30, 2020.
NEW DELHI: Any donation made to the PM CARES Fund shall be eligible for 100% deduction under section 80G of the I-T Act, according to the Ordinance which was promulgated on Tuesday by the government. This amended the provisions of the Income Tax Act to provide the same tax treatment to the PM CARES Fund as available to the Prime Minister’s National Relief Fund.
According to a finance ministry statement, the limit on deduction of 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 those affected by the coronavirus
Corona crisis: GST Return filing date for March-May extended till June, relief from late fee, penalties
Finance Minister Nirmala Sitharaman on Tuesday extended the deadline for filing GST returns for March-May to June 30. On late filing of GST returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore. For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged, she said.
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