Donated To PM-CARES Fund, Here’s The Good News For Employees

New Delhi: Friday, The Income Tax Department said that the employees would have to reflect in the form 16 TDS certificate if they have made donations To PM-Cares Fund. Such employees will get tax relief of 100 percent u/s 80G of the I-T Act.

The Central Board of Direct Taxes said, “ the employees are eligible for deduction on the bases of the Form 16/certificate.” Most of them are donating through employers where they are giving only a portion of it, said Shailesh Kumar, The Nangia Andersen Consulting Director. Since it is a consolidated payment, therefore, no separate certificate will be issued.

PM-CARES Fund
via:yourstory

So, whosoever made donations are eligible for deduction only if the employer or drawing and disbursing office issues the Form 16. It will be considered as proof of their contribution. Such sort of move by the CBT is very encouraging for the employees. Making employees eligible for tax benefit will encourage them to make donations for a noble cause, said Shailesh Kumar.

Also Read: Vaccine For Coronavirus- Professor Didier Raoult Reveals The Effectiveness Of HCQ-AZ

Usually, taxpayers have to give all the details to claim for the tax refund. But in case of donation to PM-CARES, the process will be automatic.

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