How to Make a Donation to the PM CARES Fund
How to Claim a Deduction for Donation Made to PM CARES Fund
Who Can Donate to the PM CARES Fund?
FAQs on PM CARES Fund Donation
Donating to the PM CARES Fund is straightforward and can be done through various online methods.
Online Donation via PM India Website
The official PM India website provides multiple options for making donations.
Visit pmindia.gov.in and navigate to the donation section.
Use the provided bank account details: Account Number: 2121PM20202, IFSC Code: SBIN0000691.
Scan the QR code for UPI payments using apps like BHIM, Google Pay, or PayTM.
Donation through SBI's Website
State Bank of India facilitates donations through its online portal.
Click on the 'Click here for online donation' link on the PM India website.
Fill in your details such as name, address, and PAN.
Choose your preferred payment method and complete the transaction.
Using Other Banks for Donation
Several banks have been authorized to collect donations for the PM CARES Fund.
Banks like ICICI, HDFC, and Axis Bank offer donation facilities.
Ensure to use the correct account details and IFSC code.
Confirm the transaction and save the receipt for tax purposes.
Modes of Payment
Various electronic payment methods are available for making donations.
Use Debit or Credit Cards for instant payments.
Opt for Internet Banking for a secure transaction.
Utilize RTGS/NEFT for larger donations.
Donations to the PM CARES Fund are eligible for tax deductions under Section 80G of the Income Tax Act.
Eligibility for Deduction
Understand the criteria for claiming deductions on your donation.
Donations are eligible for 100% deduction under Section 80G.
No upper limit on the amount of deduction claimed.
Applicable under the old tax regime only.
Procedure to Claim Deduction
Follow these steps to claim your tax deduction.
Ensure you have the donation receipt with transaction details.
Include the donation amount in your Income Tax Return (ITR).
Submit Form 16A if applicable, along with your ITR.
Corporate Donations and CSR
Corporate donations also qualify under CSR obligations.
Donations count as eligible CSR expenditure under Companies Act, 2013.
Ensure proper documentation for corporate tax filings.
CSR compliance is mandatory for companies with specified net worth or turnover.
Worked Example of Tax Savings
Calculate your tax savings with a practical example.
Assume a donation of ₹50,000 to PM CARES Fund.
Under Section 80G, claim 100% deduction, reducing taxable income by ₹50,000.
For an individual in the 30% tax bracket, save ₹15,000 in taxes.
The PM CARES Fund is open to donations from all individuals and entities.
Eligibility to Donate
Anyone can contribute to the PM CARES Fund.
Individuals, firms, and companies are eligible to donate.
Non-resident individuals and organizations can also contribute.
Donations can be as low as ₹10, encouraging widespread participation.
Modes of Donation
Various electronic payment methods are available.
Donations must be made electronically or through UPI.
Multiple banks offer facilities for making donations.
Ensure to use the correct account details for successful transactions.
Foreign Contributions
Foreign entities can also donate under specific regulations.
Eligible under the Foreign Contribution Regulation Act (FCRA).
Ensure compliance with FCRA guidelines for foreign donations.
Maintain documentation for regulatory purposes.
Benefits of Donating
Understand the advantages of contributing to the PM CARES Fund.
Contributions support national emergency relief efforts.
Tax benefits under Section 80G encourage donations.
Corporate donations fulfill CSR obligations, enhancing corporate responsibility.
What is the PM CARES Fund?
The PM CARES Fund is a public charitable trust set up to provide relief during public health emergencies and other crises. It aims to enhance healthcare infrastructure and support relevant research.
How can I donate to the PM CARES Fund?
Donations can be made via the official PM India website using bank transfers, UPI, or through authorized banks like SBI, ICICI, and HDFC. Ensure to use the correct account details for successful transactions.
Are donations to the PM CARES Fund tax-deductible?
Yes, donations are eligible for 100% tax deduction under Section 80G of the Income Tax Act, applicable under the old tax regime without any upper limit.
Can non-residents donate to the PM CARES Fund?
Yes, non-resident individuals and organizations can donate to the PM CARES Fund. Such contributions are eligible under the Foreign Contribution Regulation Act (FCRA).
What documentation is required for claiming tax deductions?
You need the donation receipt with transaction details. Include the donation amount in your Income Tax Return (ITR) and submit Form 16A if applicable.
Can corporate donations to the PM CARES Fund be counted as CSR?
Yes, corporate donations qualify as eligible CSR expenditure under the Companies Act, 2013, fulfilling mandatory CSR obligations for eligible companies.
What is the minimum amount I can donate?
The minimum donation amount is ₹10, making it accessible for contributions from all sections of society.
How do I obtain a receipt for my donation?
After making a donation, you can download the receipt from the PM CARES Fund website by providing your mobile number and transaction order number.
Is there a deadline for making donations to claim deductions?
Donations must be made within the financial year to claim deductions in the corresponding assessment year. For FY 2025-26, ensure donations are made by March 31, 2026.
Can I donate anonymously to the PM CARES Fund?
While donations can be made without public disclosure, providing personal details is necessary for generating a receipt and claiming tax deductions.