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MCA: Cos’ spending on Covid health infra to be considered CSR

Companies with a minimum net worth of Rs 500 crore, turnover of Rs 1,000 crore, or net profit of Rs 5 crore are required to spend at least 2 per cent of their average profit for the previous three years on CSR activities every year.

By: ENS Economic Bureau | New Delhi |
May 6, 2021 3:18:44 am
The notification clarified companies could undertake CSR expenditure in collaboration with other firms.

The corporate Affairs Ministry on Wednesday clarified that any expenditure incurred by a company to set up health infrastructure for Covid-19 treatment, including on oxygen generation plants and the manufacturing of ventilators and oxygen concentrators, can be counted towards Corporate Social Responsibility (CSR) expenditure.

Companies with a minimum net worth of Rs 500 crore, turnover of Rs 1,000 crore, or net profit of Rs 5 crore are required to spend at least 2 per cent of their average profit for the previous three years on CSR activities every year.

The notification clarified companies could undertake CSR expenditure in collaboration with other firms.

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