PM CARES Fund: Employees of Finance Ministry, banks, financial institutions donate one day’s salary

By: |
April 5, 2020 7:07 PM

PM CARES Fund was set-up on March 28, 2020, to support those affected due to any kind of emergency or distress situation due to the Covid-19 crisis.

The top contribution worth Rs 105 crore was made by LIC employees to the PM CARES Fund.

Officers and staff of Ministry of Finance, various public sector banks, and financial institutions have contributed their one day salary totalling Rs 430.13 crore to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund). The contribution also included funds under the Corporate Social Responsibility initiatives of these institutions, the Ministry of Finance said in a statement announcing the contribution. PM CARES Fund was set-up on March 28, 2020, to support those affected due to any kind of emergency or distress situation due to the Covid-19 crisis.

The top contribution worth Rs 105 crore was made by LIC employees followed by Rs 100 crore donation by SBI employees, Rs 25 crore by India Infrastructure Finance Company Limited employees, Rs 23 crore by employees at CBIC and CBDT, Rs 23.81 from General Insurance Company, Rs 15 crore each by SIDBI, Canara Bank, and Punjab National Bank and more. Contribution from employees at Department of Economic Affairs, Department of Expenditure, SEBI, and Department of Revenue stood at Rs 15 lakh, Rs 9 lakh, Rs 50 lakh, and Rs 2 crore respectively, according to the data shared by the Finance Ministry.

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The contribution to the PM CARES Fund has been made eligible for 100 per cent tax deductions by the government while the “limit on the deduction of 10 per cent of gross income shall also not be applicable for donation made to PM-CARES Fund,” a government statement had said recently. As the date for claiming deduction u/s 80G under IT Act is extended till June 30, 2020, the contributions till then shall also be eligible for deduction from income of FY 2019-20, the statement said. Hence, those paying “concessional tax on the income of FY 2020-21 under new regime can make a donation to PM-CARES Fund up to June 30 and can claim deduction u/s 80G against income of FY 2019-20 and shall also not lose his eligibility to pay tax in concessional taxation regime for income of FY 2020-21,” the statement added.

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