Paytm looks to contribute Rs 500 cr to PM CARES Fund

Digital payments company Paytm on Saturday said it aims to contribute Rs 500 crore to Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES).

For every contribution or any other payment made on Paytm using the wallet, UPI and Paytm Bank debit card, the company will contribute an extra up to Rs 10, Paytm said in a statement.

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.

He added that 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.

Previously, Paytm had created a Rs 5 crore fund for innovators who are developing medical instruments or medicines to combat the virus.

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 per cent deduction from taxable income under section 80(G) of the Income Tax Act, 1961.