Cos spending on COVID jabs for individuals except staff to be considered CSR activity
PTI, Aug 1, 2021, 2:41 PM IST
New Delhi: Companies spending funds on COVID vaccination for individuals other than employees and their families will be considered as a CSR expenditure. The corporate affairs ministry, which is implementing the Companies Act, 2013, has issued a clarification in this regard. In March 2020, the ministry had said that spending on COVID-19 would be considered as a Corporate Social Responsibility (CSR) activity. “… it is further clarified that spending of CSR funds for COVID-19 vaccination for persons other than the employees and their families, is an eligible CSR activity,” the ministry said in a circular on July 30. The activity is eligible to be considered as a CSR work under Section VII of the Act relating to promotion of healthcare, including preventive healthcare and pertaining to disaster management.
“The companies may undertake the aforesaid activity subject to fulfillment of Companies (CSR Policy) Rules, 2014 and the circulars related to CSR issued by this ministry from time to time,” the circular said. Under the Act, certain class of profitable companies are required to spend at least two per cent of their three-year average net profit towards CSR activities in a particular financial year.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
Markets sustain winning streak — Sensex jumps over 560 points, Nifty tops 22,300-level
MUST WATCH
Latest Additions
NIA arrests key accused in 2023 attack on Indian High Commission in London
Three persons run over by train in Bengaluru
Indian nationals aboard ‘MSC Aries’ in good health, return delayed due to technicalities: MEA
Husband has no control over wife’s ‘stridhan’: SC
IT sleuths threatening raided leaders to claim money belongs to me, Cong: DK Shivakumar