Ordinance passed for 100% Tax Exemption on donations to PM Cares Fund
On March 31, 2020, the Government of India passed an ordinance to allow 100% exemption on donations made on PM Cares Funds. The ordinance has also extended the time limit of direct and indirect tax filings to June 30, 2020.
Key Features on Direct Taxes
- The last date for filing Income Tax returns has been extended to June 30, 2020
- The Aadhaar-PAN linking that has been made mandatory has been extended to June 30, 2020. If not linked the GoI had earlier warned about cancelling such PAN registrations.
- The deadline of Vivad se Vishwas Scheme has also been extended to June 30, 2020.
Key Features on Indirect Taxes
The last date for indirect taxes of the following has also been extended to June 30,3030
- Central Excise Returns
- Taxes paid under Customs Act, 1962
- Taxes paid under Sabka Vishwas Legal Dispute Resolution Scheme, 2019.
PM Cares Fund
The funds donated to PM Cares Fund are to be 100% exempted from tax under Section 80G of Income Tax Act.
Category: Economy & Banking Current Affairs