Mandatory Accounting & Bookkeeping using Accounting Software with Audit Trail
Enquiry Form Mandatory Accounting & Bookkeeping…
In the unprecedented time of COVID-19 pandemic, the Corporate are contributing open hearted to help in this global crisis. The contributions can be in the form of direct funding to the NGOs involved in supporting the cause or donation to “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund” (PM CARES Fund)’. Companies are donating money to PM CARES Fund in consolidated manner where they are encouraging their employees also to donate for this social cause. In many Government Organization, it has been made mandatory to contribute part of their salary to the PM CARES Fund.
As an Employer, the corporate are required to take care of the following aspects:
– Donations made to the PM CARES Fund are eligible for deduction under Section 80G of the Income Tax Act, 1961.
– The employer will provide the deduction u/s 80G in respects of the employee contributions by allowing the amount in Form 16.
– 100% deduction u/s 80G of the contribution amount is available in respect of the donation to PM CARES Fund. The condition of threshold limit of 10% of Gross Total Income is not applicable.
(i) Quarterly salary withholding statement (Form 24Q) for the fourth quarter of FY 2019-20 from May 31, 2020 to June 30, 2020.
(ii) Form 16 for tax year 2019-20 to employees from June 15, 2020 to June 30, 2020;
(iii) June 30, 2020 for making donations to claim tax deduction for the FY 2019-20.
Sonal is a content writter by profession.
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