Donations have been pouring in from various quarters to the PM Modi relief fund in the name of PM CARES and also for he CMs relief fund.
There was a clarification that the donation made to the PM Cares will only get the Tax exemption and that the donations given to CMs relief fund will not have any tax exemption.
The Corporate will get tax exemption under Corporate Social responsibility.(CSR)The Ministry of corporate affairs has given clarification to this extent.
The Central Government has clarified that donation obtained in the name of COVID relief find y he state as Chief Ministers relief fund will not qualify for the tax exemption under the CSR.
Contributions made to the state disaster fund will qualify under the CSR exemption, the centre clarified. So it will be wise for the donations makers to give money under the disaster angle for the COVID so that they will qualify for the tax exemption.
The donation makes must see the guidelines from the centre if they are expecting nay tax concessions.
