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With 27% share, healthcare ranks second in CSR spends
May 17, 2021
The health sector is not the top priority of corporates when it comes to using Corporate Social Responsibility (CSR) funds, according to Ministry of Corporate Affairs (MCA) data. The Centre and States hope that corporates will spend more on health infrastructure to combat the Covid-19 pandemic. Education and skill development get the highest share of CSR funds, with healthcare in the second place. Going by the current trend in CSR spending, rich States like Maharashtra will get more support to enhance health infrastructure if companies divert such funds to the health sector.
The Ministry of Corporate Affairs (MCA) on Wednesday elaborated on eligible Covid-related expenditure which would qualify as eligible corporate social responsibility (CSR). These include creating health infrastructure for Covid care, establishment of medical oxygen generation and storage plants, manufacturing and supply of oxygen concentrators, ventilators, cylinders and other medical equipment for countering Covid-19.
Companies allowed to invest CSR funds into Schedule VII of the Companies Act would be able to contribute to specified research and development projects as well as public funded universities and certain organisations engaged in conducting research in science, technology, engineering, and medicine. Schedule VII includes funds such as the Prime Minister Relief Fund, Swachh Bharat Kosh, among others.
A closer look at CSR law
February 21, 2021
Giving back to society Tax deductions of CSR expenses have long acted as an incentive for companies to invest in developmental projects Getty Images/iStockphoto - Getty Images/iStockphoto
Giving back to society Tax deductions of CSR expenses have long acted as an incentive for companies to invest in developmental projects Getty Images/iStockphoto - Getty Images/iStockphoto×
India must consider allowing corporate social responsibility expenditure as deduction from business income
Corporate Social Responsibility (CSR) is a means through which a company incorporates environmental, social and human development concerns into its planning and actions to ensure that its operations are ethical and beneficial for society. CSR in India has traditionally been seen as a philanthropic activity. However, with the introduction of Section 135 in the Companies Act 2013, India became the first country to have statutorily mandated CSR for speci
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Can you explain the Indian Companies Act 2013 in relation to CSR?
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Priyanka Subarno
I have a PG degree in Social Work and have been working with different Grassroots and Research organizations in the development sector for the past 5 years. Possess knowledge and have expertise in projects associated with Women Entrepreneurship, Gender Based Violence, Women Empowerment and livelihood sectors along with understanding in Food & Nutrition and Education sectors as well. With Project Management and Documentation skills, I have been able to support organizations in meeting their goals
Corporate Social Responsibility or CSR is a mandate that has been introduced in the rules of the Government of India’s Companies Act,differently-abled 2013 under Section 135 in the year 2014. It mandates the companies that have an annual turnover of 1000 crores or more or a net worth of 500 crores or more or a net profit of 5 crores or more to spend a minimum of 2% of its ne