2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Prime Ministers Citizen Assistance and Relief in Emergency Situations (PM CARES) trust has allocated how much fund for fight against COVID-19 pandemic?
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Rs.3, 100 crore
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Rs.3, 900 crore
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Rs.3, 300 crore
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Rs.3, 600 crore
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Explanation:
Detailed explanation-1: -The government has allowed for a 100% tax deduction under section 80G for the donations made to the PM CARES Fund.
Detailed explanation-2: -Contributions towards PMNRF are notified for 100% deduction from taxable income under section 80(G) of the Income Tax Act, 1961. Prime Minister is the Chairman of PMNRF and is assisted by Officers/ Staff on honorary basis. PMNRF accepts only voluntary donations by individuals and institutions.
Detailed explanation-3: -Yes, the fund is exempted from paying Income Tax as per Section 10(23)(c) of Income Tax Act, 1961.
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