Paytm to contribute Rs 500 crore to 'PM CARES' fund
Digital payments company Paytm has pledged to contribute Rs 500 crore ($66.8 million) to Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) fund.
Paytm and its founder Vijay Shekhar Sharma had earlier pledged Rs 5 crore to fight coronavirus, donating the funds to teams working on related medical solutions.
Apart from the Rs 500 crore, Paytm has also pledged that for every contribution or any other payment made on Paytm using the wallet, UPI and Paytm Bank debit card, it will contribute an extra up to Rs 10 to the fund.
“We are honoured to do our duty to aid the government in all the relief measures being taken to fight the Corona pandemic. We hope our users wholeheartedly donate to PM CARES fund and help save lives," Paytm president Madhur Deora said, in a statement.
“The company will make a contribution for every payment transaction using the Paytm app and instruments, and this money would be directly sent to the PM-CARES fund,” he added.
The PM CARES Fund is exempt under the Income Tax Act, 1961 under Section 10 and 139 for return purposes. Contributions towards PM-CARES are notified for 100 percent deduction from taxable income under section 80(G) of the Income Tax Act, 1961.
India’s PM Narendra Modi on Saturday announced the creation of the fund where people can contribute and help the government in the fight against the Covid-19.
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