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The PM CARES Fund was initially announced as a public body, on its establishment, and the day after it was established, the Ministry of Corporate Affairs announced that donations to the fund would be eligible as corporate social responsibility (CSR) contributions, allowing companies to claim tax exemptions on donations to the Fund. [27]
The fund is expected to help millions of day labourers, many of whose lives were devastated by a nationwide lockdown ordered by Modi to stem the epidemic. Donations pour in but India's 'PM CARES ...
The fund collected is exempted from income tax to drive more people into the initiative. [3] Chairman of the fund is the Prime Minister and he is assisted by joint secretary. The whole of the fund is deposited with scheduled commercial banks and the beneficiaries are identified directly by the Prime Minister from among the beneficiaries. [3] [4]
Recent Changes in Tax Laws Affecting Charitable Donations. The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of ...
It is important to note that any donations received by the political party are entirely exempt from income tax, thereby affording the donor the opportunity to claim income tax exemption for the donated amount. [3] As of 2023, tax evasion is a major concern among approximately 3,000 RUPPs in India. There were around 2,300 such parties in March 2019.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – Includes $1200 stimulus checks, March 2020; Paycheck Protection Program and Health Care Enhancement Act – April 2020; Paycheck Protection Program Flexibility Act of 2020 – June 2020; A bill to extend the authority for commitments for the paycheck protection program – July 2020
August 15, 2022 at 2:50 PM. ... teacher or spotlight fund. Compudopt: ... School Supply Donations Are Tax Deductible: Where To Donate and What To Give. Show comments.
The Coronavirus Aid, Relief, and Economic Security Act, [b] [1] also known as the CARES Act, [2] is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.