The independent auditor (SARC & Associates) has been appointed for three years. The audit will be conducted at the end of the financial year (2020-21 ).
The appointment is very important because critics have questioned the rationale for a fund other than the Prime Minister’s National Relief Fund (PMNRF) for relief work and have also sought more transparency about the usage of monies from the Fund for charitable and social welfare purpose.
Contributions made to the PM CARES Fund are totally exempt from income tax as per the provisions of the Income Tax Act, 1961. Also, contributions by profit-making companies are counted as corporate social responsibility spending that they are mandated to undertake under the Companies Act.