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With reference to PM-CARES Fund, consider the following statements:
It consists of voluntary contributions from individuals and organizations apart from the budgetary support from the Central Government.
  • The donations to this Fund qualify for the exemptions from the income tax.
  • It can be used for providing financial assistance and grants of payments of money to the affected population.
    Which of the statements given above are correct?
    • a)
      2 and 3 only
    • b)
      1 and 3 only
    • c)
      1 and 2 only
    • d)
      1, 2 and 3
    Correct answer is option 'A'. Can you explain this answer?
    Most Upvoted Answer
    With reference to PM-CARES Fund, consider the following statements: ...
    • PM-CARES (Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund) Fund was forrned in 2020 amidst the CoVID-19 outbreak as a public charitable trust. The fund consists entirely of voluntary contributions from individuals/organizations and does not get any budgetary support. So, statement (1) is not correct.
    • Its objective is to render financial assistance, provide grants of payments of money or take such other steps as may be deemed necessary by the Board of Trustees to the affected population. So, statement (3) is correct.
    • Donations to PM CARES Fund would qualify for 100% exemption under the Income Tax Act, 1961. It will also qualify to be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013. So, statement (2) is correct.
    • PM CARES Fund has also got exemption under the Foreign Contribution (Regulation) Act (FCRA) and a separate account for receiving foreign donations has been opened. This enables PM CARES Fund to accept donations and contributions from individuals and organizations based in foreign countries.
    Therefore, the correct answer is a.
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    With reference to PM-CARES Fund, consider the following statements: It consists of voluntary contributions from individuals and organizations apart from the budgetary support from the Central Government. The donations to this Fund qualify for the exemptions from the income tax. It can be used for providing financial assistance and grants of payments of money to the affected population. Which of the statements given above are correct?a)2 and 3 onlyb)1 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?
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    With reference to PM-CARES Fund, consider the following statements: It consists of voluntary contributions from individuals and organizations apart from the budgetary support from the Central Government. The donations to this Fund qualify for the exemptions from the income tax. It can be used for providing financial assistance and grants of payments of money to the affected population. Which of the statements given above are correct?a)2 and 3 onlyb)1 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to PM-CARES Fund, consider the following statements: It consists of voluntary contributions from individuals and organizations apart from the budgetary support from the Central Government. The donations to this Fund qualify for the exemptions from the income tax. It can be used for providing financial assistance and grants of payments of money to the affected population. Which of the statements given above are correct?a)2 and 3 onlyb)1 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to PM-CARES Fund, consider the following statements: It consists of voluntary contributions from individuals and organizations apart from the budgetary support from the Central Government. The donations to this Fund qualify for the exemptions from the income tax. It can be used for providing financial assistance and grants of payments of money to the affected population. Which of the statements given above are correct?a)2 and 3 onlyb)1 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?.
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