Ministry of Corporate Affairs on its official website has made a formal appeal to Corporate India to contribute to the PM CARES Fund and has enumerated the benefits of making such contributions.
The MCA in its appeal requested all corporations to contribute to the PM CARES Fund and stated that any contribution made to the Fund will be considered as fulfilment of CSR and would qualify for tax exemption under Section 80 G of the Income Tax Act if made before 31st of March 2020. From 31st April, all entities that has chosen to follow the old tax structure shall get the exemption.
The appeal by MCA has been made to the CMD/MD/Chairmen/CEO’s of all corporations in India to impel them to make contributions to make contributions beyond the CSR limit to meet the essential requirements during COVID 19.
Source: MCA Website.
