Updated on: May 22nd, 2024
|
2 min read
The PM CARES Fund is set up as a public charitable trust under the chairmanship of the Prime Minister of India. The members of the fund include the Finance Minister, Home Minister and the Defence Minister. The primary objective of PM CARES fund (Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund) is to provide assistance of any kind in response to any public health emergencies or any other emergency, whether man-made or natural, including upgrading healthcare facilities, enhancing necessary infrastructure, funding relevant research or any other type of support.
Any person can make a donation to the PM CARES Fund, which can be claimed as a tax deduction under section 80G of the Income Tax Act, 1961.
Payment facility provided by other banks: Various banks such as ICICI Bank, HDFC Bank, Axis Bank and so on have received the mandate to collect funds for the PM CARES Fund. For example, ICICI Bank has designated a bank account for collecting donations.
The details required for making the payment are the same as required in the method shown above. However, the payment gateway does not support payment through all the banks except SBI. Hence, it is advisable to make the payment through the website pmindia.gov.in.
The government has allowed for a 100% tax deduction under section 80G for the donations made to the PM CARES Fund. Once a deduction is claimed under section 80G for a particular financial year, it cannot be claimed again under any other provision of the income tax law for any other purposes.
In the case of corporates making donations to the PM CARES Fund, the donations will also qualify as eligible expenditure under the Corporate Social Responsibility (CSR) spending mandated for Companies registered under Companies Act, 2013.
Any person such as an individual, any firm, company or any other person can make a donation to the PM CARES Fund. Any amount of donation can be made starting from as low as Rs 10. The donation has to be made electronically or through UPI. The fund is constituted to enable donations from all the sections of the society. The PM CARES Fund will not be allotted funds from the government’s budget, but will entirely consist of voluntary contributions from the public. Hence, the spending from the fund will not require approval from the Parliament.