Covid-19 outbreak has devastated the majority businesses across the globe and India is no exception. Daily wage workers lost their livelihood because of the lockdown.
Several film celebrities are coming forward to help the people. They are donating huge amounts of money to PM Relief Fund, CM Relief Fund and other charitable organizations.
The netizens and common people are wholeheartedly appreciating the celebrities for their donations.
While some stars have donated in lakhs, heroes like Akshay Kumar have shocked everybody by donating 25 crores. A few other stars followed Akshay Kumar route.
There is a huge discussion going on in the social media why the stars came forward to donate such a staggering amounts? Is there any specific reason for the huge amounts other than the social responsibility aspect?
There is an interesting version behind the huge donations of the stars. Majority of these stars earn huge per annum. The financial year gets closed by March 31st. The last date to submit returns after paying the tax is generally June 30 for individuals. These stars have clear knowledge on how much tax they have to pay this year as March has ended.
CCC is linked to Chiranjeevi Charitable Trust and it can offer the tax exemption status towards whatever amount is donated. Same is the case with PM and CM Relief Fund accounts.
For example if a star has to pay 10 cr towards IT and he donates 5 cr money, he will have to pay the remaining 5 cr as the tax.
These stars are giving away staggering amounts because the name they will get from the donations is umatchable. It acts as an image building exercise.
If they pay the full amount to IT, they will get nothing in return. These might not have donated such a staggering amounts if the coronavirus pandemic gripped the nation after the last date of IT returns. Then the amounts will be certainly less, say financial experts.
