Digital payment company Paytm has indicated that it is planning to contribute a significant sum of Rs. 500 crores to PM Citizen Assistance and Relief Emergency Situations (CARES) Fund. It is noteworthy that the biggest industrialist of India, Tata has contributed Rs. 500 crores to PM CARES fund. Other than Tata, several other celebrities and industrialists are making their contribution towards the relief fund. The PM CARES Fund is exempt under the Income Tax Act, 1961 under section 10 and 139. The contribution made towards PM CARES fund is also notified for 100 percent deduction from taxable income under section 80 (G) of the Income Tax Act, 1961.
Paytm has said that for every transaction made on the digital platform, using the wallet, UPI or Paytm bank debit cards, the company will contribute an extra sum up to Rs. 10 towards the relief fund. Paytm is also facilitating the general public to contribute towards the relief fund using Paytm wallet, UPI or Paytm banks. President of Paytm, Mr. Madhur Deora urged and encouraged the Paytm users to contribute wholeheartedly to the genuine and humanitarian cause. He said that Paytm is committed to fighting the COVID-19 pandemic and it stays strong with the nation in this fight.
Mr. Deora declared that Paytm will contribute to every transaction made on its platform and the money will be directly sent to PM CARES fund. Erstwhile, Paytm had created an innovation fund of Rs. 5 crores for companies and firms which are engaged in developing medical equipment and medicines for fighting COVID-19.