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Govt asks Companies for donation in PM CARES Fund
by Estartup India Grow Business With UsWe as a whole realize that the Novel Coronavirus otherwise known as COVID-19 has influenced more than 110 countries of the world. Because of the quantity of losses all through the globe coming about because of Coronavirus infection, various nations are presently on complete halt. In addition, the worldwide pandemic has additionally caused an overall financial interruption, remembering for India, where the administration is induced to force a lockdown in numerous locale.
In such a circumstance, the Ministry Of Corporate Affairs has required the corporate part to expect a proactive job. Right now, MCA has as of late presented a compulsory basic e-structure named Company Affirmation of Readiness towards COVID-19 or Form CAR. This structure has been discharged with impact from 23rd March 2020. Actually, almost 1.8 lakh organizations have just recorded this e-structure.
As we realize that so as to manage any kind of crisis circumstance presented by the COVID-19 pandemic, the Government of India has set up the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund', truncated as PM CARES Fund. The MCA has now engaged the Corporate Sector to give their commitment to the PM CARES Fund, so as to adapt to this grave circumstance.
The Ministry Of Corporate Affairs has truly spoke to the Cheif Executives of the Indian Companies to liberally contribute towards the PM CARES Fund, so as to help the individuals influenced due to COVID-19 pandemic.
No. The MCA has expressed plainly that any commitment made towards the PM CARES Fund will be treated as permissible consumption, towards satisfying of the Corporate Social Responsibility (CSR) according to Companies Act 2013.
Consequently, any commitment towards the PM CARES Fund will not be assessable.
MCA has advanced that if an organization has just contributed towards the CSR commitment, to even now contribute towards the PM CARES Fund, over and over the base endorsed measure of CSR commitment.
This commitment will be later on counterbalanced against the CSR commitment in the coming years, if the organization chooses it.
4. Consider the possibility that a commitment has been made before 31st March 2020
The service has expressed that if an organization has contributed towards the PM CARES Fund before 31st March 2020, this would likewise fit the bill for an exclusion u/s 80G of Income Tax Act. The administration has broadened as far as possible for CSR commitment to 30th June 2020. The citizens can consequently benefit this exception while ITR filing for FY 2018-19.
Be that as it may, after first April 2020, this exclusion will be accessible to just those organizations who have picked the old duty structure since this exception has been as of late expelled in Union Budget 2020.
5. What is the reason for the PM CARES Fund commitment?
The commitment made by the organizations towards the PM CARES Fund will go towards upscaling the general wellbeing framework by method for:-
Setting up new detachment wards
Obtainment of insurance gears
Obtainment of ventilators
Other than a lot more exercises expected to control the Coronavirus pandemic. You can be genuinely pleased that your commitment is a piece of it, and you can set a model for other people.
6. What is the Form CAR?
MCA has released a compulsory simple e-form called Company Affirmation of Readiness towards COVID-19 (CAR). The e-form CAR-2020 has been deployed w.e.f. 23rd March 2020. Here are some important FAQs on the e-form CAR-2020:
Here are the Key Features of e-form CAR-2020:
This is a simple Web-based e-form (need to be filed online on MCA21 portal)
There is no government fee required to be submitted for this e-form.
No need to affix any DSC while filing of e-form CAR-2020.
Any of the authorized signatories can file this e-form.
Service Request Number SRN need not be generated upon filing this form.
Upon filing e-form CAR-2020, a System-based confirmation shall be sent to the email-id of the Company/LLP.
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Created on Apr 10th 2020 05:10. Viewed 198 times.
