Skip to main content

Donors Asking Tax Certificates for Contributions to PM Relief Fund

Tax Certificates PM Relief Fund

The central government has declared all the monetary contributions to PM Relief Funds Tax-Free. These funds are raised to treat coronavirus patients and help the government fight against the outrage of this deadly disease. Such donations are exempt from tax under section 80G as per the central government but the donors have not yet received the necessary tax certificates. 
Several UPI platforms that cater to the transfer of these funds said that it is the responsibility of the trust that runs the PM relief fund to issue tax certificates to the donors and solve other donation related issues (if any).   

Two of the renowned money transfer sites PhonePe and Paytm are facilitating the users with upgraded features including the receipt feature for those contributing to PM relief fund through their platforms. On the other hand, Google Pay has instructed the donors to avail of the receipt directly from the government. While speaking with one of the newspapers, Google Pay spokesperson declared that they are just creating the platform for the organization that is receiving the donations so invariably the organization receiving the payments is responsible to disperse the receipts to the donors. So the tax receipt shall be obtained directly from the concerned organization, said GooglePay spokesperson.   

Contributions to PM CARES are Tax-Free

The Prime Minister's Fund for Civil Assistance and Relief in Emergencies or PM CARES Fund is the donation accounts created to treat the people already fighting with coronavirus. PM Narendra Modi himself is the chairman. Donors who have contributed to this fund need tax certificates while claiming deductions in their income tax returns on the 2.0 portal for FY 2020-21. 

Tax Certificate is Immediately Received by The Contributors

Generally, tax certificates are granted to people immediately but in this case, the opposite is happening, said a large audit firm. Apart from that the issue date of the certificate is also not known. Here having a helpline number or any email address will definitely help the donors.

Paytm’s Collection Till Now

So far Paytm has managed to accumulate the total funds of Rs. 60 Crore. Paytm has confirmed that it is trying its best to disperse the receipts to respective donors via the app itself. Paytm spokesperson said that the receipts shall be released on the official website of the government. Paytm is trying to make available the receipts of such donations of the app itself. But experts say that the problem arises with regards to the UPI interface as it does not collect the personal data required under tax laws similar to banks.    

Comments

Popular posts from this blog

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

How ITR Software Assists Individuals in Filing Tax Returns

Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...

Why Small Firms Should Consider Gen Payroll Software?

Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...